Cryptocurrencies are a sea of red Tuesday morning, as they extend their losses after Bitcoin fell below $6,000 late Monday.
The top cryptocurrency recovered since then and is trading above $6,000 as of 10.20 am ET.
Market capitalization also shrunk sharply and fell below $200 billion for the first time since November 12, 2017, according to data from CoinMarketCap.
As of 10.24 am ET, overall cryptocurrency market capitalization was $195.14 billion and the Bitcoin dominance rate climbed further to 54.3 percent.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
Nearly all cryptocurrencies, including Bitcoin and Ether, are continuing their sell-off Tuesday. Bitcoin, the most popular digital currency, fell below $6,000 late Monday for the first time since June, reaching near the lowest point in 2018.
Saudi Financial Regulators Warn Virtual Currencies Are Illegal
Financial watchdogs of the Kingdom of Saudi Arabia have warned that trading in cryptocurrencies such as Bitcoin is illegal inside Western Asia’s sovereign Arab state. The warning was released by the Saudi Arabian Monetary Authority in a statement issued by the standing committee for awareness on dealing in unauthorized securities activities in the foreign exchange market.
IBM Developing Blockchain Process To End Digital Spending Waste
IBM is developing a blockchain process with its Artificial Intelligence system Watson to help end digital spending waste in advertising. The system is expected to address transparency and trust issues among advertising partners.
Only Two African Countries Are Crypto-friendly
A report analyzing cryptocurrency regulation in Sub-Saharan Africa has found that despite cryptocurrencies exerting a notable presence in 36 African countries, only South Africa and Swaziland have adopted “a generally favorable and permissive [regulatory] stance” pertaining to cryptocurrencies.
As of 10.26 am ET, Bitcoin was down 4.73 percent at $6,093.08 and Ethereum was lower by 18.41 percent at $258.24 on Coinbase.
by Jyotsna V