As a Twitter cryptocurrency ad ban and the closure of payment processor LitePay continues to weigh on investors, Bitcoin and other virtual currencies struggled for direction on Wednesday.
At 8:09 AM ET (12:09 GMT), bitcoin was trading at $8,058.90, rising 1.37% as the Bitfinex exchange, above its session low of $7,761.60. After falling to $6,000 in early February, the cryptocurrency has struggled to gain ground and is far from its peak of $20,000 in December.
By news that payment processor LitePay had terminated operations, just one month after its launch in February. Litecoin fell 3.86% to trade at $138.93, Litecoin was still weighed down.
By news that Twitter Inc (NYSE:TWTR) has joined the ranks of Facebook (NASDAQ:FB) and Google (NASDAQ:GOOGL) in banning cryptocurrency ads, crypotos were held back. The new policy will be rolled out over the next 30 days and will ban exchange platforms and wallet services not public companies listed on major stock exchanges.
Except what we say above, Thailand only needs the king’s approval to pass a cryptocurrency regulation into law. The country’s cabinet has approved the royal decree, which would hand over regulation to the country’s financial regulator. In addition to a possible 15% capital gains tax, all Thai Initial Coin Offerings would be regulated and investors would face a VAT rate of 7% on digital currency trading.
Other virtual currencies were higher, the world’s second largest cryptocurrency by market cap, Ethereum, inching up 0.57% to $461.38 on the Bitfinex exchange. Ripple, the third largest virtual currency, rose 1.12%% to $0.58924.
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