Daily Times

The cryptocurrency market turned bearish on Friday, with market capitalisation shedding 1.4 percent to drop below the $2 trillion mark to $1.97 trillion. As of 1230 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price slipped by 1.72 percent to $40,196. With this decrease in price, the market capitalisation of the biggest crypto has reached $761 billion. Bitcoin has shed 7.5 percent of its value during the last seven days.

Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, edged lower by 1.47 percent to $3,025. With this decrease in price, the market capitalisation of ETH has reached $356 billion. ETH has been 6.3 percent down in the past seven days.

However, XRP price jumped by 7.77 percent to reach $0.779. The market capitalisation of XRP stands at $77.8 billion with this increase. XRP has shed 0.9 percent of its value during the last seven days.

On the other hand, Cardano (ADA) price inched down by 0.42 percent to reach $0.949. Its market capitalisation has reached $31.3 billion with this decrease. ADA has shed 13 percent of its value in the past seven days.

Similarly, Avalanche (AVAX) price dipped by 1.6 percent to $78.11. With this decrease in price, the market capitalisation of AVAX has reached $21 billion. AVAX has shed 11.2 percent of its value during the last seven days.

On the other hand, Dogecoin (DOGE) price increased by 1.79 percent to $0.148. With this increase in price, the market capitalisation of DOGE has reached $19.6 billion. DOGE has gained 1.8 percent during the last seven days. Meanwhile, the government of Kazakhstan is preparing to increase the tax burden for cryptocurrency miners and intends to tie the new rate to the value of the minted cryptocurrency. The authorities noted that the implementation of such a scheme would increase budget receipts. Miners operating in Kazakhstan are currently paying a surcharge on the consumed electricity.