Daily Times

The major cryptocurrencies went down amid increasing global pressure for regulations and the market capitalisation decreased by 3.3 percent to reach $1.67 trillion as of 13:20 GMT on Wednesday.

The price of bitcoin (BTC), the largest cryptocurrency, shed 2.94 percent to reach $39,104. With this decrease in price, the market capitalisation of the BTC has reached $732 billion. Likewise, ethereum (ETH) price decreased by 5.56 percent to reach $2,447. With this decrease in price, the market capitalisation of ETH has reached $284 billion. Similarly, XRP shed 4.77 percent to reach $0.839. The market capitalisation of XRP stands at $83.8 billion after this decrease.

On the other hand, Cardano (ADA) price reached $1.51 with a 4.21 percent fall in its price. Its market capitalisation has reached $48.6 billion with this decrease. Similarly, dogecoin (Doge) shed 4.19 percent to reach $0.311. With this decrease in price, the market capitalisation of Doge reached $40.3 billion.

Meanwhile, the chairman of Italy’s financial regulator has raised concerns over the cryptocurrency market without proper regulation. “Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators,” he said. The chairman of Italy’s securities regulator, Commissione Nazionale per le Società e la Borsa (Consob), voiced concerns regarding cryptocurrencies as he presented the watchdog’s yearly report. He noted that there are some 4,000-5,000 cryptocurrencies in circulation without any form of real regulation.