Crypto prices: Top cryptocurrencies traded lower in the last 24 hours with daily fall ranging between 4 per cent and 14 per cent. Bitcoin plunged over 4 per cent to settle over $35,200 while Ethereum slumped 6.56 per cent to trade at $2291.
Dogecoin was also trading lower at $0.30, down by 5.64 per cent. Digital currencies like XRP, Cardano, Stellar, LiteCoin plunged up to 10 per cent.
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As per CoinDesk, XRP declined 5.64 per cent to $0.81 while Cardano was down by 9.30 per cent to $1.38. Litecoin fell 8.46 per cent to settle at $156.04 and Stellar was down by nearly 8.86 per cent to $0.30.
Ethereum Classic and Bitcoin Cash also declined 6.42 per cent and 7.10 per cent respectively.
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In its weekly trade report, Zebpay, a cryptocurrency exchange, said Bitcoin has been quite volatile this week. The currency, largest by market capitalization, fell from $39,000 levels to $31,000 levels, before recovering and currently trading over $35,000 levels.
Ethereum, on the other hand, has been pretty range-bound. This week, the second largest digital currency fluctuated in the range of $2,350-$2,600, and currently trading at $2,295.
“In the second half of the week, an upward trend has set in, in the markets. Altcoins also faced a similar trend, first witnessing falls, before showing signs of recovery, with BNB paving the way forward,” the exchange said in its report.
This week, El Salvador became the first country in the world to accept Bitcoin as legal tender. This development lifted the mood of crypto enthusiasts across the world.
However, a proposal from the global regulators that banks must set aside enough capital to cover losses on any bitcoin holdings in full poured cold water on the excitement and dragged the currencies further. Now, the fear is that big lenders may not indulge in crypto currencies after such a tough condition.
Many countries are deliberating ways to regulate cryptocurrencies.
Last month, China banned the financial institutions and payment companies from providing services related to crypto transactions, and warned the investors against speculative crypto trading.
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