Investing.com – Bitcoin continued to drop further away from the key $4,000 level on Tuesday morning in Asia amid a bearish crypto market. Without a clear directional catalyst, investors focused on regulatory developments.
On Tuesday morning, Bitcoin dropped 1.18% to $3,940.9 by 12:39 AM ET (04:39 AM GMT).
Meanwhile, Ethereum lost 1.31% to $134.38, XRP went down 1.52% to $0.3014 and Litecoin slid 1.89% to $58.989.
Finland reportedly passed a new rule that will provide legal status for crypto assets. A new Act on Virtual Currency Service Providers is expected to take effect in November.
According to the new law, anyone offering virtual currencies in Finland will be required to register with the Finnish Financial Supervisory Authority and will be subject to obligations regarding safeguarding client funds and marketing.
The Finnish parliament also voted for an amendment to the Act on Detecting and Preventing Money Laundering and Terrorist Financing. This means all crypto-related services will be subject to Anti-Money Laundering laws.
In other news, Argentina was advised to leverage cryptocurrencies to improve the country’s economy.
Tim Draper, an American venture capital investor, reportedly spoke to Argentina’s President Mauricio Macri about using emerging technologies such as blockchain and crypto to address problems in the country’s economy.
"We were speaking of Bitcoin and the devaluation of the peso, and I proposed a bet: if the peso would be valued more than Bitcoin, I would double my investment that I was making for the country. But if Bitcoin gained a higher rate than the peso, they would have to declare it as a national currency. That would be a perfect decision, as there's a lack of confidence in this coin,” Draper said, according to crypto news outlet Cointelegraph.