RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Tuesday, down 2.19 percent to $29,726 as of 10:36 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $2,025, down 2.34 percent, according to data from Coindesk.
G7 to discuss crypto-asset regulation: French Central Banker
The regulation of crypto-assets is likely to be discussed at a meeting of Group of Seven finance chiefs this week in Germany, French central bank head Francois Villeroy de Galhau said on Tuesday.
“What happened in the recent past is a wake-up call for the urgent need for global regulation,” Villeroy told an emerging markets conference in Paris, referring to the recent turbulence in crypto-asset markets.
“Europe paved the way with MICA (regulatory framework for crypto-assets), we will probably discuss these issues among many others at the G7 meeting in Germany this week,” he added.
BoE’s Cunliffe warns of more tough times for crypto
Investors in cryptocurrencies should expect more difficult times ahead as tightening financial conditions around the world stoke appetite for safer assets, Bank of England Deputy Governor Jon Cunliffe said on Tuesday.
Asked at a Wall Street Journal conference if rising interest rates would ramp up pressure on cryptocurrencies, Cunliffe said: “Yes, I think as this process continues, as (quantitative tightening) starts in the US ... I think we’ll see a move out of risky assets.”
Cunliffe added that the conflict in Ukraine also had the potential to cause a renewed flight to safer assets.
“When there’s a move out of risky assets, you would expect the most speculative assets to be the ones most affected,” Cunliffe said.
(With input from Reuters)
