ISLAMABAD: The cryptocurrency market remained on a downward slide on Sunday, with the market capitalization losing 0.9 percent to reach $1.7 trillion. As of 1050 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, shed 0.5 percent in the last 24 hours to reach $43,686. The market capitalization of the biggest crypto has reached $854.6 billion with this decrease. Bitcoin has been 10.8 percent up in the past seven days. Bitcoin tapped new 19-month highs of $44,490 on Wednesday last. The price was fueled by optimism that the SEC will approve a spot ETF in the same year of BTC’s next quadrennial halving. TLTP
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, shed 1.3 percent to reach $2,339. With this decrease in price, the market capitalization of ETH has reached $280.8 billion. ETH has gained 8.1 percent of its value during the last seven days.
On the other hand, Binance Coin (BNB) price dipped by 1.2 percent to reach $239. The market capitalization of BNB has reached $36.8 billion with this decrease. BNB has gained 4.9 percent of its value during the last seven days.
Following suit, the price of Ripple (XRP) decreased by 3.8 percent to reach $0.656. The market capitalization of XRP stands at $35.5 billion with this decrease. XRP has gained 6 percent of its value during the last seven days.
Similarly, Solana (SOL) price dipped by 6.4 percent to reach $71.59. With this decrease in price, its market capitalization has reached $30.6 billion. SOL has gained 12.6 percent of its value during the last seven days.
Lugano, a Swiss City, announced the incorporation of the cryptocurrencies Bitcoin (BTC) and Tether (USDT) for tax and other municipal fee payments last week. According to the statement, Lugano citizens and companies can now pay their expenses by scanning the invoice QR code and leveraging their favorite mobile wallets.
Lugano is not the first Swiss City to take this path. As early as 2021, Zug City had already begun accepting Bitcoin and Ethereum for tax settlements. The Canton of Zug and the municipality of Zermatt have already implemented the system. Switzerland has been ahead of the curve in adopting crypto assets for some time.
