Investing.com – Bitcoin continued to back away from the key $4,000 level on Tuesday morning in Asia as investors focused on regulatory developments in the crypto space in the absence of a clear directional driver.
Bitcoin slid1.18% to $3,940.9 by 12:39 AM ET (04:39 AM GMT).
Meanwhile, Ethereum lost 1.31% to $134.38, XRP was down 1.52% to $0.3014 and Litecoin slid 1.89% to $58.989.
Advertisement: High Yield Savings Offers
Finland reportedly passed a new rule that will provide legal status for crypto assets. A new Act on Virtual Currency Service Providers is expected to take effect in November.
According to the new law, anyone offering virtual currencies in Finland will be required to register with the Finnish Financial Supervisory Authority and will be subject to obligations regarding safeguarding client funds and marketing.
The Finnish parliament also voted for an amendment to the Act on Detecting and Preventing Money Laundering and Terrorist Financing. This means all crypto-related services will be subject to Anti-Money Laundering laws.
In other news, Argentina was advised to leverage cryptocurrencies to improve the country’s economy.
Tim Draper, an American venture capital investor, reportedly spoke to Argentina’s President Mauricio Macri about using emerging technologies such as blockchain and crypto to address problems in the country’s economy.
"We were speaking of Bitcoin and the devaluation of the peso, and I proposed a bet: if the peso would be valued more than Bitcoin, I would double my investment that I was making for the country. But if Bitcoin gained a higher rate than the peso, they would have to declare it as a national currency. That would be a perfect decision, as there's a lack of confidence in this coin,” Draper said, according to crypto news outlet Cointelegraph.
Related Articles
BCH/USD price prediction: Bulls have clear path till $180 - Confluence Detector
XRP/USD Technical Analysis: Market faces upcoming bearish sentiment