Crypto Big Three End The Month Trading Down

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Written By Mohsen Salami

Bitcoin ended the month trading lower than at the start for the first time this year in July.

The dominant cryptocurrency stood at $10,591 on July 1, but slumped to $10,089 on July 31.

In between, the price peaked at $12,567 on July 9, slipping to a low of $9,423 on July 16.

Bitcoin has a market cap of $177.4 billion and accounts for around 65% of the entire cryptocurrency market.

The dip follows five months of gains – the longest winning streak for the digital coin since August 2017 and one many traders hoped would continue into August.

XRP Ripple is the second largest cryptocurrency by market cap – weighing in at $31.32 billion.

The coin started the month at $0.4057, hitting a low of $0.2950 on July 16 and ending the month on $0.3199.

Ethereum followed a similar trading arc in July.

Starting the month at $294.17, the third largest cryptocurrency with a market cap of $22.77 billion went on to storm to $313.34 on July 8, then  plunged to $198.72 by July 16 and plateaued between $228 and 4209 until closing out the month at $218.70.

UK watchdogs publish final crypto guidance

In Britain, City watchdogs the Financial Conduct Authority (FCA) published final guidance on the regulatory treatment of cryptoassets to help firms consider if they need authorisation to trade in the UK.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “This a small, complex and evolving market covering a broad range of activities. Today’s guidance will help clarify which cryptoasset activities fall inside our regulatory perimeter.”

He also warned trading cryptocurrencies were outside of the UK’s financial ombudsman and compensation schemes.

The FCA policy statement highlights the risks of trading in cryptocurrencies and details how the market will be regulated in the future..

“A combination of market immaturity, volatility, and a lack of credible information or oversight raises concerns about market integrity, manipulation and insider dealing within cryptoasset markets. This may prevent the market from functioning effectively and damage its reputation,” says the document.

The FCA has also indicated a ban on crypto derivatives, such as Bitcoin futures, is likely to come into force later this year.