Crypto Prices Flat; Saudi Arabia to Launch its Own Virtual Coin in 2019

Investing.com – Cryptocurrency prices were flat on Thursday, with Bitcoin hovering near the $4,500 mark. Although not a major directional driver, reports said Saudi Arabia is launching its own virtual coin in 2019.

Bitcoin slipped 0.2% to $4,596.5 by 12:05 AM ET (05:05 GMT) on the Bitifinex exchange. The world’s largest digital coin has now lost more than 25% of its value within a week. XRP inched up 0.1% to $0.44609 on the Poloniex exchange. Ethereum rose 0.2% to $137.28, while Litecoin gained 1.9% to $34.859 on the Bitifinex exchange.

Live Bitcoin News reported on Thursday that Saudi Arabia and the United Arab Emirates are together developing a cryptocurrency that is set to be launched in mid-2019. The official name of the virtual coin is not revealed, and not too much is known about the currency at the moment, the article noted, adding that the Saudi Arabian Monetary Authority is still investigating the feasibility of such a currency.

This currency will have the backing of the Saudi central bank and a “limited number of banks,” the article said.

In other news, Intercontinental Exchange, which owns the New York Stock Exchange, has delayed the opening of its Bitcoin futures product.

The anticipated product, called the Bakkt Bitcoin Daily Futures Contract, will be launched on Jan. 24, 2019, the company said. The new date is still subject to regulatory approval.

The product was scheduled to go live on Dec. 12.

ICE (NYSE:ICE) said in a statement that the delay would give clients more time to start trading.

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