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Crypto Mixed; Bahrain Regulates Crypto

Investing.com – Bitcoin and other major cryptocurrencies put on mixed performances in Asia on Tuesday morning after a nosedive the day before.

On Tuesday morning, traders saw Bitcoin gain 0.69% to $3,844.4 by 10:41 PM ET (3:41 GMT). XRP and Litecoin were also on the track of recovery, rising 8.15% to $0.32909 and 1.60% to $45.612, respectively. Ethereum was the exception, trading down 0.56% to $138.03.

The crypto market cap also bounced higher to $131 billion on Tuesday, after a sudden drop to $129 billion the day before from an intra-week high of $141 billion.

It was a mixed day for cryptocurrencies. Bahrain became the first Arab country to regulate crypto while Warren Buffett called Bitcoin a delusion in comments that attracted a lot of attention among crypto traders.

Bloomberg reported that Bahrain became the first Arab country to regulate digital assets. Bahrain’s central bank said it issued “the final rules on a range of activities relevant to crypto assets.”

The regulatory framework covers licensing, governance, risk management, anti-money laundering and counter-terrorist financing measures, business conduct, conflict of interest avoidance, reporting and cybersecurity.

The smallest country in the Arab world, Bahrain is striving to be a leading financial hub by cultivating a fintech ecosystem, according to Khalid Hamad, executive director of banking supervision at the country’s central bank.

And while crypto appears to be recovering, Berkshire Hathaway (NYSE:BRKa) CEO Warren Buffett was sharply critical of cryptocurrencies.

In an interview with CNBC on Monday, the famed investor called Bitcoin “a delusion,” saying the digital coin attracts charlatans and has no unique value at all.

“You can stare at it all day, and no little Bitcoins come out or anything like that. It’s a delusion, basically,” he told CNBC. But he also said: “Who knows where we will be next year?”

Previously, Buffett said that buying Bitcoin as an investment was a gamble and that no one knows exactly what the top cryptocurrency is.

Buffett’s negative comments stood in stark contrast to JP Morgan’s recent move to launch its own JPM Coin to facilitate instant settlement.

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