Crypto Market: Week of February 2


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Cryptocurrencies observed a major sell-off during last week wherein the prices of Bitcoin fell below $9,000 on Thursday and below $8,000 on Friday, according to bitcoin price index of CoinDesk, which tracks prices from four major cryptocurrency exchanges. According to data from CoinMarketCap.com, on Friday morning, the total market capitalization or value of all cryptocurrencies in circulation stood at $405 billion which was a fall of about $112.6 billion in value from a day before.

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Bitcoin Fall Amidst Regulations by India Government

The finance minister of India Arun Jaitley told lawmakers, In a transcript by daily newspaper The Hindu, that the Indian government “does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto-assets”. The use of cryptocurrencies in criminal activities, such as money laundering is one reason for this anti-crypto sentiment from their government.

Cryptocurrency Miners turned down by Large European Firm to Sell Renewable Energy

Enel, Europe’s biggest power utilizity firm told Reuters on Thursday that they have “no interest whatsoever in selling power” to Envion which is a cryptocurrency mining firm. Enel, in a report stated that it “has undertaken a clear path toward decarbonization and sustainable development and sees the intensive use of energy dedicated to cryptocurrency mining as an unsustainable practice that does not fit with the business model it is pursuing.”

Crypto Investors warned by Deutsche Bank of “Total Loss”

According to Market Mueller, the Global Head of Chief Investment Officer, for cryptocurrencies to be considered as an asset class, we are still five to ten years away from the “required governance” needed, which will only happen when security and trust are created. Mueller fails to understand the anger of crypto investors who fear regulations by government, which might protect the investors against fraud and scams in the industry.

Saudi Arabia working towards “Soft” Crypto Regulations

A top financial regulator told Business Insider team that they don’t intend to cripple the cryptocurrency market; however, they are keeping a close watch on the market. “We are still evaluating what our appropriate regulatory response should be,” the chairman of Saudi Arabia’s Capital Markets Authority Mohammed El-Kuwaizsaid. “I think we are likely to come up with something very soon.”

$600mln in Cryptos Illegally Traded

The South Korean Customs Service, In a January 31st press release, commented on the flow of citizen money through foreign currency exchanges, which are illegal in the country. It was observed that about 637.5bln won have been processed by their citizens by these foreign exchanges for the purpose of money laundering, tax evasion, and fraud.

 

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