The prices of major cryptocurrencies continued to trade lower on Monday with the market cap decreasing to $1.31 trillion (-3.1 percent) as of 1240 GMT.
The price of Bitcoin (BTC), the largest cryptocurrency, decreased to $31,202 after shedding 1.63 percent. With this decrease in price, the market capitalisation of the BTC has reached $585 billion.
Likewise, ethereum (ETH) price shed 5.73 percent to reach $1,846. With this decrease in price, the market capitalisation of ETH has reached $215.6 billion.
Similarly, XRP shed 3.74 percent to reach $0.566. The market capitalisation of XRP stands at $56.6 billion after this decrease.
On the other hand, Cardano (ADA) price reached $1.15 with a 3.80 percent fall in its price. Its market capitalisation has reached $37 billion after this decrease.
Likewise, Dogecoin (Doge) price depreciated by 8.37 percent to reach $0.174. With this decrease in price, the market capitalisation of Doge reached $22.6 billion.
Bitcoin has been hit by many setbacks of late, including China’s regulatory crackdown, partly over concerns about high energy consumption by crypto miners, and progress in central bank digital-currency projects that could squeeze private coins. Bitcoin’s price has roughly halved from a record high three months ago.
The creator of meme-token Dogecoin recently lambasted crypto as basically a sham, and the appetite for speculation is generally in retreat. In a series of tweets, Jackson Palmer wrote harsh words about cryptocurrency.
The Dogecoin co-founder wrote, “After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity”.
In another news, a unit of SoftBank Group Corp agreed to invest $75 million in Bullish, the sponsor of a not-yet-operational cryptocurrency exchange, as the startup prepares to go public through a merger with a special purpose acquisition company.