Daily Times

The cryptocurrency market turned bearish on Monday, with the market capitalisation shedding 1.8 percent to reach $1.96 trillion. As of 1200 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price slipped 0.83 percent to reach $42,137. With this decrease in price, the market capitalisation of the biggest crypto has reached $798 billion. Bitcoin shed 0.5 percent during the last seven days.

Ether, the world’s second-largest cryptocurrency by market capitalisation, edged lower by 1.93 percent to reach $2,875. With this decrease in price, the market capitalisation of ETH has reached $338 billion. Ether has shed 6.1 percent of its value over the last seven days.

Following suit, XRP price came down 5.94 percent to reach $0.788. The market capitalisation of XRP stands at $78.8 billion with this decrease. XRP has gained 15.5 percent during the last seven days.

Likewise, Cardano (ADA) price decreased by 3.02 percent to reach $1.03. Its market capitalisation has reached $34 billion with this decrease. ADA shed 9.9 percent in the past seven days.

Similar was the case with Dogecoin (DOGE) whose price decreased by 4.78 percent to reach $0.144. With this decrease in price, the market capitalisation of DOGE has reached $19.2 billion. DOGE has shed 5.8 percent during the last seven days.

eanwhile, International Monetary Fund (IMF) Managing Director Kristalina Georgieva has said that crypto assets and stablecoins are no match for well-designed central bank digital currencies (CBDCs). “If CBDCs are designed prudently, they can potentially offer more resilience, more safety, greater availability, and lower costs than private forms of digital money,” she said last week addressing the Atlantic Council in Washington regarding the future of money, cryptocurrency, and central bank digital currencies (CBDCs).

She continued: “That is clearly the case when compared to unbacked crypto assets that are inherently volatile. And even the better managed and regulated stablecoins may not be quite a match against a stable and well-designed central bank digital currency.”

The IMF boss said that around 100 countries are exploring central bank digital currencies. Georgieva revealed that the IMF is deeply involved in this issue, including through providing technical assistance to many members. An important role for the Fund is to promote exchange of experience and support the interoperability of CBDCs, she added.