Coinindex: Cryptos Drop on Rigid Exchange Call
COININDEX – On Wednesday morning, cryptocurrencies declined in Asia. This was amid the call of ABCC, a Singapore-based digital currency exchange operator, for stricter standards on tokens.
As of 10:45 PM ET (02:45 GMT), Bitcoin dropped 1.49% to $3,391.2. Ethereum has also slipped 2.08% to $87.81. Other cryptocurrencies such as XRP inched down 0.12% to $87.81. Meanwhile, Litecoin slumped 3.12% to $23.559.
According to ABCC CEO Calvin Cheng, the main concern for crypto investors is security. This is in response to CryptoCompare review last month. The said review assessed the data of 130 digital currency exchanges on November.
Moreover, the report revealed that there is only one-third of the exchanges that store the funds in offline wallets. Meanwhile, one of ten exchanges has been attacked by hacking activities. The report has also shown that there are 14% of the exchanges that lack a public privacy policy and a separate page for terms and conditions.
“Looking at the industry figures, exchanges with strong security still account for a much higher transaction volume,” Cheng said.
Additionally, Cheng said that cryptocurrencies have increased popularity in South Korea, China, and Russia.
Meanwhile, Andreas Utermann, the head of Allianz Global Investors Chief Executive, said on Tuesday, crypto assets should be “outlawed.” These crypto assets are taking away people’s savings, Utermann argued.
“I am personally surprised that regulators haven’t stepped in harder,” Utermann said.
There are still other parties that continue to become bullish regarding digital tokens. Based on reports, Spanish ruling party Partido Popular (PP) is planning to introduce a draft bill. This is regarding the regulation of cryptocurrencies and blockchain. Further, this draft bill aims to bring certainty to investors.
Coinindex: Bitcoin extends losses amid signals for crypto ban
On Tuesday, cryptocurrencies have extended their losses. Meanwhile, Allianz head called for banning on crypto assets, saying they should be “outlawed.”
As of 9:11 AM ET (14:11 GMT), Bitcoin dropped 3.5% to $3,381.90.
For the past few weeks, cryptocurrencies have declined dramatically with Bitcoin trading at 90% less than its value in 2017. This was amid concerns of traders over increased regulatory scrutiny and volatility.
Overall, cryptocurrencies recorded lower. The total coin market capitalization was at $107 billion, lower than Monday’s $112 billion.
As per Allianz Chief Executive Andreas Utermann, there must be a ban against digital tokens.
Meanwhile, Andrew Bailey, the head of Britain’s Financial Conduct Authority, responded to Utermann’s comments, saying “that’s quite strong actually. There was “no intrinsic value” in crypto assets, he added.
