ISLAMABAD
The cryptocurrency market turned around on Tuesday, with the market capitalisation gaining 5.6 percent to reach $2.07 trillion.
As of 1255 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price gained 4.33 percent to reach $44,258. With this increase in price, the market capitalisation of the biggest crypto has reached $838 billion. Bitcoin gained 0.8 percent during the last seven days.
Ether, the world’s second-largest cryptocurrency by market capitalisation, jumped 6.87 percent to reach $3,113. With this increase in price, the market capitalisation of ETH has reached $366 billion. Ether has shed 1.3 percent of its value over the last seven days.
Following suit, XRP price went up 4.62 percent to reach $0.833. The market capitalisation of XRP stands at $83.3 billion with this increase. XRP has gained 0.5 percent during the last seven days.
Likewise, Cardano (ADA) price increased by 4.66 percent to reach $1.09. Its market capitalisation has reached $36 billion with this increase. ADA shed 9.5 percent in the past seven days.
Similar was the case with Dogecoin (DOGE) whose price increased 3.16 percent to reach $0.150. With this increase in price, the market capitalisation of DOGE has reached $20 billion. DOGE has shed 9.4 percent during the last seven days.
State Bank of Pakistan Governor Reza Baqir has said that cryptocurrency has more risks than benefits, but the SBP has been working to develop an understanding of the possible future currencies. The central bank on Monday issued the detailed speech of the governor that he recently delivered at the Annual Investment Forum in Riyadh, Saudi Arabia.
The governor said he believes that these technologies have the potential to democratise finance and give more power and control to the people on their finances. “In general, that is a good goal,” he said, adding that this was also the intent and purpose of introducing private digital currencies that don’t require financial intermediation.
“In Pakistan, we as the central bank have reached a conclusion as of now that, for us and in terms of the core objectives of the central bank, the potential risks far outweigh the benefits,” he said.
