Daily Times

The cryptocurrency market continued trading bearish on Wednesday, with market capitalisation shedding 0.4 percent more to reach $2.35 trillion.

As of 1320 hours GMT, the largest cryptocurrency Bitcoin’s price went down by 0.77 percent to $46,126. With this decrease in price, the market capitalisation of the biggest crypto has reached $872 billion.

Ether, the world’s second-largest cryptocurrency by market capitalisation, slipped by 0.88 percent to reach $3,787. With this decrease in price, the market capitalisation of ETH has reached $445 billion.

On the other hand, XRP price went down by 1.01 percent to reach $0.824. The market capitalisation of XRP stands at $82.4 billion after this decrease.

Cardano (ADA) price edged lower by 0.45 percent to hit $1.33. Its market capitalisation has reached $43.7 billion with this decrease.

Following suit, Dogecoin (DOGE) price also went down by 0.94 percent to reach $0.169. With this decrease in price, the market capitalisation of DOGE has reached $22.4 billion.

The market opened on a positive note on Wednesday and cryptocurrencies traded in the green in the earlier session; however, later the market turned bearish amid profit-taking.

According to a 2021 summary report by the Law Library of Congress, China made big headlines when it banned crypto last year, but it is only one of dozens of countries and jurisdictions that have either banned digital currency outright or severely restricted it over the past few years. Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, and Bangladesh have all banned cryptocurrency. Forty-two other countries, including Algeria, Bahrain, Bangladesh, and Bolivia, have implicitly banned digital currencies by putting restrictions on the ability for banks to deal with crypto or prohibiting cryptocurrency exchanges.

The number of countries and jurisdictions that have banned crypto either completely or implicitly has more than doubled since 2018, when the organisation first published a report on the subject. Some governments that have banned crypto have said that cryptocurrencies are being used to funnel money to illegal sources and argued that the rise of crypto could destabilise their financial systems. Although not all governments are moving to ban crypto, many are looking into how to regulate digital currency, including the US.

The world’s second-largest economy had previously been a leader in mining for digital currencies, and the government’s moves against crypto caused major selloffs before prices stabilised. China’s government said it was especially concerned about crypto mining’s effect on the environment and people using digital currencies for fraud and money laundering.