Daily Times

The cryptocurrency market extended losses for the second straight day on Thursday, with market capitalisation shedding 1.9 percent to reach $2.12 trillion.

As of 1240 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price decreased by 2.31 percent to $43,738. With this decrease in price, the market capitalisation of the biggest crypto has reached $828.2 billion. Bitcoin has shed 6.8 percent of its value during the last seven days.

Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, dipped 1.71 percent to $3,251. With this decrease in price, the market capitalisation of ETH has reached $382.5 billion. ETH has been 3.7 percent down in the past seven days.

Similarly, XRP price went 1.58 percent down to reach $0.783. The market capitalisation of XRP stands at $78.3 billion with this decrease. XRP has shed 8.6 percent of its value during the last seven days.

Likewise, Cardano (ADA) price decreased by 2.53 percent to reach $1.09. Its market capitalisation has reached $35.8 billion with this decrease. ADA has shed 8.2 percent of its value in the past seven days.

On the other hand, Avalanche (AVAX) price decreased by 2.1 percent to $85.55. With this decrease in price, the market capitalisation of AVAX has reached $23 billion. AVAX has shed 10.6 percent of its value during the last seven days.

Following the market trend, Dogecoin (DOGE) price decreased by 4.62 percent to $0.147. With this decrease in price, the market capitalisation of DOGE has reached $19.5 billion. DOGE has gained 2.6 percent during the last seven days.

Meanwhile, the Central Bank of Russia has turned down a proposal to allow the use of digital currencies for the purpose of sanctions evasion. The monetary authority believes this is hardly an option as western regulators are already taking steps to prevent such transactions.

The central bank officials are convinced that transfers of large amounts of money in cryptocurrency by Russian businesses would not be feasible. They said that crypto exchanges are also adopting restrictions amounting to denial of access to funds for Russian users.