ISLAMABAD
The cryptocurrency market bounced back strongly on Tuesday, with market capitalisation gaining 8.3 percent to reach $1.74 trillion.
The reports that Russia will not ban cryptocurrencies gave a positive trigger to the market. As of 1420 hours GMT, the largest cryptocurrency Bitcoin’s price gained 9.65 percent to reach $36,707. With this increase in price, the market capitalisation of the biggest crypto has reached $695 billion.
Ether, the world’s second-largest cryptocurrency by market capitalisation, jumped by 11.44 percent to reach $2,444. With this massive increase in price, the market capitalisation of ETH has reached $287.7 billion.
Following suit, XRP price went up by 7.37 percent to reach $0.604. The market capitalisation of XRP stands at $60.4 billion with this increase.
Likewise, Cardano (ADA) price went up by 6.78 percent to hit $1.04. Its market capitalisation has reached $34.2 billion with this increase.
Similar was the case with Dogecoin (DOGE) whose price took a giant leap of 10.62 percent to reach $0.142. With this increase in price, the market capitalisation of DOGE has reached $18.8 billion.
Director of the Financial Policy Department of the Russian Ministry of Finance Ivan Chebeskov has said that cryptocurrencies should be regulated in Russia, but not banned. “Technologies of this kind should get a chance to develop,” the official said during a conference organized by Russian business-focused media RBC.
“In this regard, the Finance Ministry is actively working on legislative initiatives aimed at regulating this [cryptocurrency] market. And for now, we have prepared a draft concept plan for regulatory measures that is currently discussed in the Ministry, and that has been sent to the state administration,” Chebeskov added.
According to the official, Russian authorities should protect the interests of those purchasing cryptocurrencies or using them in any technological solutions. “I think it is necessary to regulate, not to ban; regulation will just ensure the transparency that will ensure security for citizens,” he said, stressing that Russia just cannot afford to ban a highly developed technological sector.
The official’s response came after the latest call for a complete ban of cryptocurrencies in Russia issued last week by the central bank. The regulator said that the issuance, circulation, exchange, and trade of cryptocurrencies and stablecoins should be prohibited along with the organisation of these operations in the country.
