Ripple falls off three-week high for seventh session out of nine

2018-03-13 20:05:31 GMT (
Ripple falls off three-week high for seventh session out of nine

Ripple fell over one percent, or $0.01 on Tuesday away from February 20 highs for the seventh session out of nine, amid stiff regulations from Japan and the US on cryptocurrencies and unlicensed exchanges. 


As of 07:28 GMT, ripple shed 1.52% to $0.7700 from the opening of $0.78257, with an intraday low at $0.76120, and a high at $0.7985, with ripple's market value now amounting to $78 billion. 


The Japanese government has urged the Group of 20 to discuss regulating cryptocurrencies by using a unified coding system for the nascent industry, while imposing strict limits to prevent money laundering and terrorism funding through cryptocurrencies. 


Benoît Cœuré, ECB Executive Board member, said that cryptocurrencies are mere weak simulations for money, with policymakers worried about investing the new business, especially amid concerns of the illegal uses propelled by it. 


Japanese regulators issued new administrative punishment notices for some cryptocurrency exchanges, forcing several to close outright in an attempt to safeguard investors after a $530 million heist from Japanese exchange Coincheck, one of the largest in world history. 


The Financial Services Agency issued orders to improve business management and security to Coincheck and six other exchanges, while ordering Bitstation and FSHO to stop all operations for a month, starting Thursday. 


The Securities and Exchanges Committee (SEC) issued a report on cryptocurrencies, warning in it from unlicensed platforms, which leave investors exposed to fraud. 


The US Committee called on investors to make sure of the platform's compliance to supervision from the Committee before trading, noting that some SEC officials found platforms that claim to be licensed by the SEC even though they're not. 


Finally, the report noted that while some cryptocurrency platforms claim to have services that are quite developed through updating prices at once with speed in activating orders, however their information shouldn't be trusted unless the platform is licensed by the SEC. 


Ripple is on track for the third successive monthly decline, after erasing the gains of earlier this month, made after rebounding from December 22 lows last month on short-covering, which in turn occurred after ripple tumbled 80% at the start of the year away from record highs at $3.30 on global official clampdown fears, especially in the US and Japan, the world's two largest cryptocurrency markets. 

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