U.S. Markets closed

Bitcoin Inches Closer To $9,000 Despite Persisting Regulatory Crackdown

Bitcoin clawed its way back to close to $9,000

Investing.com - Bitcoin clawed its way back to close to $9,000 on Tuesday, while other cryptocurrencies traded mixed.

Bitcoin was trading at $8,561 by 11:58 pm ET on the Bitfinex exchange, up 0.8% over the previous 24 hours

Ethereum, the world’s second largest cryptocurrency by market cap, was down 0.65% at $838.99 on the Bitfinex exchange.

XRP/USD’s XRP token, was also down 2.4% to $1.00527 on the Poloniex exchange.

Meanwhile, Litecoin was trading 1.28% higher at $156.60.

Bitcoin finished on a higher note last week, and the momentum continued on Tuesday. This is despite the persisting regulatory crackdown surrounding the crypto space. The New Jersey Bureau of Securities said last Friday that it banned Bitcoin-related investment Bitstrade to offer its products in New Jersey.

“We want to make sure that investors tempted to cash in on the cryptocurrency rage aren’t being lured into sending funds to an anonymous Internet entity without knowing where the funds are going or how they’ll be used,” said New Jersey Attorney General Gurbir Grewal in announcing the emergency order against Bitstrade.

According to the regulator, Bitstrade had been offering its products without a proper registration with the New Jersey government.

Elsewhere, cryptocurrency traders were reportedly preparing to launch lawsuit against Tokyo-based Coincheck later this week.

The traders are likely to file a second lawsuit at the end of the month to claim for damagers over the heist.

Coincheck was attacked by hackers last month and has lost $530 million in digital money. The exchange froze all withdrawls of yen and digital currencies following the theft, but has resumed yen-withdrawals today, according to its twitter account.

It was reported earlier today that Coincheck is expected to file a report with regulators on the hacking sometime this week.


Related Articles

Cryptocurrency traders to launch lawsuit against Coincheck on Thursday: lawyer

Japan's Coincheck set to report to regulators over $530 million cryptocurrency heist

Cryptocurrency investors flock to Puerto Rico Investment Summit