Bitcoin Recovers After Experiencing 10% Losses Last Week

Bitcoin saw a recovery on Monday after experiencing approximately 10% losses last week, although other major cryptocurrencies continued to face pressure.

At 12:50 AM ET (04:50 GMT), Bitcoin was up 0.9%, trading at $6,339.30 on the Bitfinex exchange. In contrast, Ethereum dropped 1.3%, now priced at $318.90 on the same exchange. Meanwhile, Litecoin fell by 1.8%, reaching $0.29878 on Poloniex, and Ripple slipped 0.9% to $59.005.

The decline in cryptocurrency prices last week was largely attributed to the U.S. Securities and Exchange Commission (SEC) postponing its decision regarding a cryptocurrency exchange-traded fund (ETF). The SEC is expected to make its decision by the end of September regarding whether to allow VanEck Associates and Solid Partners to list a Bitcoin-backed ETF. The agency had already rejected a similar ETF proposal in July and is currently reviewing nine additional proposals.

Despite the recent losses, Bitcoin has seen an approximate 1.4% gain over the month, and its market share remains above 50%.

In other news, the Japanese Financial Services Agency (FSA) revealed the findings from on-site inspections conducted at 23 local cryptocurrency exchanges. The agency emphasized the importance of assessing companies’ business plans, internal control systems, and governance structures focused on user protection.

Furthermore, any new exchanges will be mandated to undergo on-site evaluations by government inspectors to assess their business models against specific criteria.

Additionally, Kenneth A. Blanco, director of the U.S. Financial Crimes Enforcement Network, noted a significant increase in the number of crypto-related Suspicious Activity Reports (SARs), with filings surpassing 1,500 per month. He acknowledged the dual nature of innovation in financial services, recognizing the opportunities it presents for criminals and bad actors, including terrorists and rogue states.