ISLAMABAD
The cryptocurrency market remained bearish for the fourth straight session on Monday, with the market capitalization losing 1.6 percent to reach $1.6 trillion.
As of 1300 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, shed 2.4 percent in the last 24 hours to reach $40,900. The market capitalization of the biggest crypto has reached $800.5 billion with this decrease. Bitcoin has been 3.4 percent down in the past seven days.
Bitcoin is currently consolidating above the $40,000 level following weekend profit-taking, with a potential move towards $42,700 if buyers retain control. The absence of clear dominance by buyers or sellers, coupled with the rate positioned away from support and resistance levels, suggests BTC might trade sideways within the $41,000 to $43,000 range in the upcoming days.
Bitcoin re-surged above the $43,000 level on late Wednesday after the Federal Reserve’s decision to keep interest rates unchanged and foreshadow potential cuts in the coming year. However, later the token started coming down.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, shed 3.8 percent to reach $2,131. With this decrease in price, the market capitalization of ETH has reached $255.9 billion. ETH has shed 5.3 percent of its value during the last seven days.
On the other hand, Binance Coin (BNB) price slipped by 2.8 percent to reach $234. The market capitalization of BNB has reached $36.1 billion with this decrease. BNB has shed 0.9 percent of its value during the last seven days.
The price of Ripple (XRP) decreased by 5.1 percent to reach $0.586. The market capitalization of XRP stands at $31.7 billion with this decrease. XRP has shed 6.4 percent of its value during the last seven days.
On the other hand, Solana (SOL) price dipped by 5.9 percent to reach $68.40. With this decrease in price, its market capitalization has reached $29.3 billion. SOL has shed 1.6 percent of its value during the last seven days.
Earlier on Thursday last, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said a set of rules and the establishment of infrastructure are required to avoid the risks of cryptocurrencies. “Crypto assets are not going away. Bitcoin is trading at its highest value since April 2022. The crypto market cap doubled over the last year,” she said at the MOEF-BOK-FSC-IMF International Conference on Digital Money in Seoul, South Korea.
The IMF chief warned that the use of a crypto asset, instead of domestic currency, can undermine monetary policy transmission, while it can also cause capital flow management measures, such as limits on foreign currency holdings, to be circumvented.
