Bitcoin Tries to Recover from Losses as Other Cryptos Decline

Investing.com – Cryptocurrencies exhibited a mixed performance on Monday as some attempted to bounce back from the losses incurred last week, while others saw a decline.

Bitcoin saw a 1.34% increase, reaching $6,450.40 on the Bitfinex exchange by 8:46 AM ET (12:46 GMT), although it remained close to a three-and-a-half-week low.

The cryptocurrency market experienced a significant drop of 10% last week following the U.S. Securities and Exchange Commission’s decision to delay its ruling on a cryptocurrency exchange-traded fund (ETF). The SEC is expected to make a decision by the end of September regarding whether VanEck Associates and Solid Partners can list their Bitcoin-backed ETF. The agency had previously rejected a similar ETF proposal in July, and is currently reviewing nine other proposals.

Overall, the cryptocurrency market was slightly down on Monday. The total market capitalization of digital coins stood at $217 billion, a decline from $232 billion on Friday.

Ethereum, the second-largest cryptocurrency by market capitalization, fell by 1.05% to $319.12 on the Bitfinex exchange. Ripple, the third-largest virtual currency, decreased by 0.38% to $0.30393, while Litecoin was priced at $60.132, down 0.32%.

In other developments, the Japanese Financial Services Agency (FSA) announced plans to impose stricter regulations on the acceptance of new cryptocurrency exchanges after conducting onsite inspections across 23 local exchanges.

Moving forward, new exchanges will be required to undergo onsite evaluations by government inspectors, according to the agency’s announcement.

The FSA emphasized that it will enhance its verification processes regarding the companies’ business plans, internal control systems, and governance structures—ensuring that user protection remains a priority during both onsite assessments and hearings.