Bitcoin crosses $48,000 mark as cryptos’ prices surge

ISLAMABAD: The cryptocurrencies prices surged on Sunday, with market capitalisation gaining one percent to reach $2.33 trillion as of 1410 hours GMT.

The largest cryptocurrency Bitcoin price went up by 2.87 percent to $48,043. With this increase in price, the market capitalisation of the biggest crypto has reached $908 billion.

Ether, the world’s second-largest cryptocurrency by market capitalisation, edged up by 0.98 percent to reach $3,974. With this increase in price, the market capitalisation of ETH has reached $467 billion.

Similarly, XRP price gained 2.67 percent to reach $0.842. The market capitalisation of XRP stands at $84.2 billion after this increase.

Follwing suit, Cardano (ADA) price jumped 4.36 percent to $1.30. Its market capitalisation has reached $42.7 billion with this increase.

Similar was the case with Dogecoin (DOGE) whose price went up by 0.99 percent to reach $0.173. With this increase in price, the market capitalisation of DOGE has reached $22.9 billion.

Meanwhile, the International Monetary Fund (IMF) Chief Economist Gita Gopinath reportedly discussed cryptocurrency at an event organised by the National Council of Applied Economic Research (NCAER) last week. Gopinath is also the IMF’s economic counsellor and director of its research department.

She said it seems that cryptocurrencies are more attractive for emerging markets compared to developed economies. Noting that “cryptocurrencies are a particular challenge for emerging markets,” she opined, “Emerging markets have exchange rate controls, capital flow controls, and cryptocurrencies can impact that.”

She added: “Regulation is absolutely important for this sector. If people are using this as an investment asset, then the rules which are there for other investment classes should apply here as well.”

She further said that banning cryptocurrencies would pose practical challenges, given their decentralised nature, emphasising the need for a global policy on cryptocurrency.

Last week, the IMF outlined some recommendations of how cryptocurrency should be regulated, noting that there is an urgent need for cross-border collaboration and cooperation on cryptocurrency regulation. The IMF also warned El Salvador in November against using bitcoin as a national currency. The country made bitcoin legal tender alongside the U.S. dollar in September and has purchased 1,370 bitcoins for its treasury.

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