Despite regulatory issues, cryptocurrencies gain acceptance: Market wrap

Despite regulatory issues, cryptocurrencies gain acceptance: Market wrap
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Updated 08 September 2021

Despite regulatory issues, cryptocurrencies gain acceptance: Market wrap

Despite regulatory issues, cryptocurrencies gain acceptance: Market wrap

RIYADH: Bitcoin traded lower on Wednesday falling by 8.75 percent to $46,277.57 at 4:55 p.m. Riyadh time while Ether, the second most-traded cryptocurrency slipped by 9.42 percent at $3,394.98, according to data from CoinDesk.

Threat of a US lawsuit against crypto exchange Coinbase Global Inc. underscored the rocky road ahead for cryptocurrencies.
The Securities and Exchange Commission issued Coinbase with a Wells notice, indicating the US regulator will sue if the crypto exchange goes ahead with the launch of its interest-bearing “Lend” product for crypto assets.
Coinbase said it would delay the launch until at least October. Shares of Coinbase last traded down 3.5 percent at $257.43.

Despite all the regulatory issues, the acceptability of digital coins is not waning.

Ricardo Salinas, president of Electra Group, one of Mexico’s largest hardware franchises, has hinted at the possibility of receiving bitcoin payments in the near future. This will allow residents of the country to pay for devices in the store, directly using cryptocurrency.

These payments will be made using Bitcoin’s second layer, the Lightning Network, which seeks to address the increased fees for base layer transactions to make Bitcoin more attractive for commerce-related uses.

The Ukrainian head of state, Volodymyr Zelensky, met with major investors including from the cryptocurrency industry and highlighted the importance of launching a legal digital asset market in his country during a working visit to the US.

In his opening speech at the event, the Ukrainian leader reportedly emphasized that his country has made a real breakthrough in the digital sphere and a huge leap towards creating a digital nation during the past year.

In a meeting with speakers of the Stellar Development Foundation, the president expressed his hope that in the near future the foundation will find more opportunities to expand its activities and establish a research and development center in the East European nation.

“After all, Ukraine is now the best magnet for blockchain and crypto professionals in Europe,” Zelensky said.