ISLAMABAD: The cryptocurrency market turned bearish on Monday, with the market capitalization losing 2.5 percent to reach $2.43 trillion. As of 1340 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, slipped to $62,422 with a dip of 2.3 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $1.229 trillion with this decrease. Bitcoin has been 5.4 percent down in the past seven days. Presently, the support for Bitcoin rests at $61,500 while resistance looms at $64,000. Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, shed 5.1 percent to reach $3,140. With this decrease in price, the market capitalization of ETH has reached $384.2 billion. ETH has shed 1.9 percent of its value during the last seven days. On the other hand, Binance Coin (BNB) price decreased by 2.7 percent to reach $587. TLTP
The market capitalization of BNB has reached $90.3 billion with this decrease. BNB has shed 1.8 percent of its value during the last seven days.
Meanwhile, Solana price went down by 4.9 percent to reach $136. With this decrease in price, its market capitalization has reached $60.7 billion. SOL has shed 12 percent of its value during the last seven days.
Following suit, the price of Ripple (XRP) decreased by 2.7 percent to reach $0.506. The market capitalization of XRP stands at $28 billion with this decrease. XRP has shed 5.3 percent of its value during the last seven days.
Meanwhile, Russia will implement strict regulations on the general circulation of cryptocurrencies like Bitcoin, starting September 1, according to Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market. Aksakov will spearhead this policy change, marking a significant effort by the Russian government to exert control over the cryptocurrency landscape.
The forthcoming legislation is designed to curtail the use of non-Russian digital assets, promoting the ruble as the primary currency within the nation. Aksakov emphasized the necessity of these measures, stating, “Digital financial assets issued in Russian jurisdiction, and digital rubles will be allowed. The need for a ban is due to the fact that today cryptocurrency is a quasi-currency that replaces the ruble in the country. But only the Russian ruble fulfills the mission of the monetary unit, so this decision has been made.”
