Bitcoin falls to $54,614 as cryptos turn bearish

NEW YORK: The cryptocurrency market turned bearish on Wednesday, with the market capitalisation shedding 1.2 percent to reach $2.36 trillion as of 1105 hours GMT.

Bitcoin, the largest cryptocurrency which rallied above $57,000 for the first time since May a day earlier, shed 4.49 percent to reach $54,614. With this decrease in price, the market capitalisation of the biggest cryptocurrency has fallen to 1.028 trillion.

Similarly, ether (ETH) price shed 0.30 percent to reach $3,446. With this decrease in price, the market capitalisation of ETH has reached $404.5 billion.

However, XRP price gained 0.20 percent to reach $1.09. The market capitalisation of XRP stands at $108.7 billion after this increase.

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On the other hand, cardano (ADA) price gained 0.93 percent to reach $2.11. Its market capitalisation has increased to $68.4 billion.

Similarly, dogecoin (Doge) price went up by 0.72 percent to reach $0.223. With this increase in price, the market capitalisation of doge has reached $29.3 billion.

Meanwhile, chairman of New York-based Roubini Macro Consultancy, Nouriel Roubini, has said that cryptocurrencies are not a unit of account and calling them currencies is a “misnomer”. “Cryptocurrencies may have an asset value but based on my definition they are not currencies. That’s a fact,” Roubini told the Alternative Investment Management Summit (AIM) in Dubai. He said if something is volatile at 5 to 10 percent, it cannot be a currency. A currency has to have a stable value relative to the price index of goods and services.

Despite the increased crackdown by regulators, cryptocurrencies have continued to trade higher over the past few weeks, as bitcoin has risen almost 100 per cent since the start of the year. US Securities and Exchange Commission Chairman Gary Gensler earlier this month said the US will not follow China’s lead in banning digital tokens. The world’s largest economy will focus on ensuring that the industry follows investor and consumer protection rules, anti-money laundering regulations and tax laws, he said.

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