Bitcoin price (BTC/USD) edges closer to $9,000 on Monday morning

Abu Dhabi’s markets watchdog considers development of regulatory framework for cryptocurrency exchanges

Bitcoin price (BTC/USD) edges closer to $9,000 on Monday morning

The Bitcoin price (BTC/USD) has seen significant gains in today’s trading, which has allowed it to move closer to the $9,000 mark.

The original cryptocurrency had a mixed performance over the weekend, swinging between gains and losses. On Saturday, the Bitcoin price broke through the $9,000 mark for the first time in six days, but it quickly retreated to a close of $8,621.90. The following session saw the cryptocurrency falling to an intraday low of $7,931.10, before eventually finishing the day at $8,129.97.

Bitcoin’s performance has been much more consistent today. The cryptocurrency managed to build strong momentum in the early hours of the morning session, possibly fuelling another attempt at $9,000. At the time of writing, the Bitcoin price was hovering around $8,770, having gained more than 7% in the past 24 hours.

The positive momentum has been felt across the wider cryptocurrency market, with all digital coins in the top 10 posting significant gains over the 24-hour period. Bitcoin’s chief rivals Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH) are up 5.5%, 8.5% and 3%, respectively.

In other cryptocurrency news, Abu Dhabi's Financial Services Regulatory Authority (FSRA) announced yesterday that it was considering the development of “a robust, risk-appropriate regulatory framework to regulate and supervise activities of virtual currency exchanges and intermediaries”. The move will be a follow up to guidance the FSRA issued last October regarding initial coin offerings (ICOs). The watchdog said at the time that it intended to apply anti-money laundering and know-your-customer to token sales.

In its most recent announcement the FSRA highlighted some risks and concerns associated with cryptocurrencies, including that “they are particularly vulnerable to money laundering and terrorist financing risks, as well as other financial crimes”.

In today’s trading, the Bitcoin price stood at $8,773.81, as of 11:35 GMT. The cryptocurrency rose to an intraday high of $8,850 earlier in the session.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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