New Delhi: Cryptocurrency prices in the last 24 hours gave some mixed directions to the market. The global crypto market has decreased around 0.9 percent to $2.12 trillion in the last 24 hours.
Bitcoin is trading around $47,700 being 0.4% down from the previous day. World’s largest crypto Bitcoin jumped by $2,500 on Friday after spending more than a week in the lower $40,000s. BTC’s market capitalization is up by 65% this year and it is still below its All-Time High of $65,000.
Ethereum, the biggest coin after Bitcoin lost over 1% to $3,378. Eth managed to gain more than 7% in the week on week.
Cardano lost nearly 4 percent and fell to $2.19, while Solana and XRP also shed 2% and 1.5%, respectively. On the other hand, DOGE managed to gain marginally to $0.22.
A day before Solana gained over 20% whereas Ripple’s XRP gained over 6%. Polkadot lost over 3% and was trading at $31.13.
According to International Monetary Fund (IMF), the rapid growth in the crypto world can present new opportunities while warning about the financial stability challenges that the digital currency asset can present.
Cryptocurrencies are virtual or digital currencies that allow encryption techniques to regulate the generation of their units and enable fund transfer independently with the help of a central bank.
This mode helps in opening up new opportunities for the public. Developing countries are opting for this mode of transaction.
The latest report by the Global Financial Stability Report stated that this technological innovation is making payments and other financial services cheaper, faster, and more accessible while allowing them to transaction over borders swiftly.
As per the chapter ‘The Crypto Ecosystem and Financial Stability Challenges,’ presented by IMF, bank deposits can be transformed into coins that allow access to a variety of financial products from digital platforms and allow the conversion of currency instantly.
