ISLAMABAD
The cryptocurrency market edged up on Thursday, with market capitalisation gaining 0.1 percent to reach $2.09 trillion.
As of 1255 hours GMT, the largest cryptocurrency Bitcoin’s price slipped by 0.44 percent to reach $41,951. With this decrease in price, the market capitalisation of the biggest crypto has reached $794.3 billion. The crypto has been trading around the $42,000 mark since last week.
Ether, the world’s second-largest cryptocurrency by market capitalisation, inched up by 0.18 percent to reach $3,128. With this increase in price, the market capitalisation of ETH has reached $368.2 billion. Ether tested $3,000 last week but managed to make gains in later sessions.
Similar was the case with XRP whose price went 0.48 percent up to reach $0.741. The market capitalisation of XRP stands at $74.1 billion with this increase.
However, Cardano (ADA) price continued its downward slide and dipped by 5.94 percent to hit $1.34. Its market capitalisation has fallen to $44.2 billion with this decrease. ADA’s decline appears typical of a correction often seen after a notable price rally. The token jumped nearly 60% to $1.64 earlier this month, outperforming Bitcoin as the impending launch of SundaeSwap, the first decentralised finance exchange on the Cardano blockchain, revved up investor interest in the cryptocurrency. However, since then it has been falling sharply.
On the other hand, Dogecoin (DOGE) price shed 0.46 percent to reach $0.164. With this decrease in price, the market capitalisation of DOGE has reached $21.8 billion.
Russia’s central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens’ well being and its monetary policy sovereignty.
In a report, the central bank said speculative demand primarily determined cryptocurrencies’ rapid growth and that they carried characteristics of a financial pyramid, warning that bubbles in the market could form, threatening financial stability and citizens.
The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat, or traditional currencies. The proposed ban includes crypto exchanges. Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion.
Russia is the world’s third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month. The central bank said crypto mining created problems for energy consumption.
