Bitcoin price–and the price of other cryptocurrencies—is often influenced by speculations about regulatory concerns towards cryptos. The cryptocurrency industry has faced several brush-ins with regulatory agencies on national or regional levels, and this plays a role in determining the price of bitcoin and other cryptocurrencies. In bitcoin news now, we note that the price of bitcoin has maintained a recovery mode despite threats from what many observers are calling the most significant regulatory challenge from cryptocurrencies.
FATF Consider Crippling Cryptocurrency Regulations
The Financial Action Task Force (FATF) is reportedly planning to revise its position on cryptocurrency regulation, an action that could put the cryptocurrency sector in disarray. According to Bloomberg, the dominant global financial body could clamp down on anonymity, which has become the mainstay of many cryptocurrency applications.
FATF is an intergovernmental organization comprising 30 member countries, including the United States, China, India, and the European Commission. Among other things, the FATF has the core responsibility of fighting money laundering and has often hinted at efforts to contain cryptocurrency.
As Smartereum reported in March, the FATF published preliminary guidelines for regulating cryptocurrency activities among its member states. At the time the organization recommended effective government regulation of cryptocurrency within member states to prevent money laundering. This includes the registration of cryptocurrencies and issuers at countries of origin as well as criminal and civil sanctions and power to freeze transfers. Just a year ago, the member countries agreed to standardize crypto regulations in member countries.
According to the Bloomberg report, FATF representative, Alexandra Wijmenga-Daniel explained that the new rules—when implemented—will affect token issuers, exchanges, custodians, or hedge funds.
Eric Turner, an exec of Messari Crypto, was quoted as saying that the new rules are a “much larger impact than the SEC or any other regulator has had to date.”
John Roth from Bittrex exchange added voice to the implication of the FATF crypto regulation. He explained that it would either require a complete and fundamental restructuring of blockchain technology or force exchanges to form a “global parallel system.”
Bitcoin Price Today – BTC to USD
At the time of writing, Bitcoin BTC price is trading at $8,125.74, which is about 2 percent more than it traded having added more than $200 to in the last 24 hours. BTC price did reach a high of almost $8,200 despite adverse cryptocurrency regulations expected from one of the most influential international financial regulators.
Altcoin Price Today – ETH, LTC, BCH, XRP to USD
It is not just bitcoin that is defying regulatory concerns; most top cryptocurrencies recorded positive changes in the last 24 hour and the last seven days. Bitcoin (BTC) which is up by 2% today, is up about 4% from the last seven days. However, top altcoins are performing even better.
In the lead is Litecoin (LTC) which have seen its price soar ahead of the much-anticipated LTC halving which will happen around early August. Though a slight correction has seen LTC price drop by 3 percent in the last 24 hours, LTC posts an impressive 30 percent increase in just seven days as it currently trades around $135 to the USD with a total market cap of about $8.4 billion.
Ethereum, the second largest cryptocurrency by market capitalization is trading $259 to the USD, about 4 percent up in the last 24 hours and 5 percent up from the last seven days. XRP which currently trails ETH by $10 billion in market cap is trading at $0.404 to the USD having recorded a 2.3 percent increase in price since yesterday.
Binance Coin (BNB), Cardano (ADA) and NEO all posted double-digit gains in the last seven days while Bitcoin SV (BSV) is up by 12 percent in the last 24 hours.
Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.