Summary:
- Germany’s Ministry of Finance suggests regulation of blockchain-based securities
- Founder of Ethereum proposes cryptocurrency wallet fees
- Litecoin has started the new week in red
The cryptocurrency market has begun Monday’s trading with a step back. The two largest digital currencies - Bitcoin and Ethereum - saw also some drops during yesterday’s trading. According to CoinMarketCap, the capitalization of the whole crypto market stands around $134 billion handle whereas the largest virtual currency Bitcoin accounts for roughly 51.6% of this value on Monday morning.
Bitcoin (BITCOIN on xStation5) rose to nearly the $3900 handle on Saturday, but yesterday’s loss pushed the cryptocurrency slightly down. Moreover, the largest digital currency has launched the new week dropping over $30. Source: xStation5
German Ministry of Finance recommends regulating blockchain-based securities
The German Federal Ministry of Finance published a paper on Friday in which it suggested possible regulation of blockchain-based securities. The Ministry recommends that blockchain-powered securities would be treated as a legitimate form of financial instrument, and the country would regulate such securities. The German Ministry wrote that regulations should be created with flexibility due to quickly changing technologies behind such securities. Moreover, the Ministry of Finance said the German law should generally be opened for electronic securities. The mentioned paper said also that a process might initially concern electronic debt securities, but it might gradually move also to digital shares.
Monday may be another bearish day for Ethereum (ETHEREUM on xStation5) as the cryptocurrency has begun Monday’s trading with a loss. The second largest virtual currency is trading a little above $133 at press time. Source: xStation5
Vitalik Buterin proposes crypto wallet fees to fund wallet developers
Vitalik Buterin, the founder of the second largest cryptocurrency Ethereum, proposed crypto wallet fees to support wallet developers. He suggested on his Twitter account that a flat fee of 1 gwei (1$ = ca. 7,300,000 gwei) could raise up to $2 million per year. The founder of Ethereum proposed that such a fee could be a community norm, not a mandatory fee. Moreover, Vitalik Buterin thinks the mentioned way of raising funds could be a “sustainable non-institutionally-biased market-based funding for client/wallet developers”. Note that it is not the first time that Buterin proposed additional fees.
Litecoin (LITECOIN on xStation5) experienced large rises last week and the virtual currency touched the $59 handle. However, Monday has not been so successful for Litecoin so far, because it has dropped to nearly the $55 handle. Source: xStation5
