The prices of major cryptocurrencies remained mixed on Thursday while bitcoin continued its downward slide amid talks in Washington about regulatory framework for the cryptocurrency markets.
Bitcoin, the world’s biggest cryptocurrency, shed 3.01 percent to reach $54,534. With this decrease in price, the market capitalisation of the BTC has reached $1.01 trillion.
However, ethereum (ETH) gained 7.32 percent to reach $2,592. With this increase in price, the market capitalisation of ETH reached $299.6 billion.
On the other hand, Binance Coin (BNB) shed 1.26 percent to reach $576. The market capitalisation of BNB stands at $88.2 billion after this decrease. Likewise, XRP reached $1.32 with a 4.70 percent decrease in price. Its market capitalisation has reached $59.6 billion with this decrease.
However, the price of tether (USDT) gained 0.02 percent to reach $1. The market capitalisation of the USTD stands at $49.3 billion after this increase. It is pertinent to mention that the US administration is reportedly developing a regulatory framework for the cryptocurrency markets.
It was reported that the Biden administration is in “the early stages of developing a regulatory approach to the crypto markets.”
Commenting on talks of possible crackdowns, regulations, and outlawing cryptocurrencies, an expert said, “We don’t know where they’re going with this. We don’t know what exactly is going to happen.”
While acknowledging that some countries are starting to outlaw cryptocurrencies, the expert said: “I don’t think it’s gonna happen here. Too many American investors are in the space right now.” In his opinion, “crypto is here to stay” and based on the people he has been talking to, the government will not outlaw cryptocurrencies, but he believes that “There will probably be more regulations.”
