Daily Times

The cryptocurrency market remained bearish on Sunday, with market capitalisation shedding 4.2 percent to reach $1.67 trillion as the rout in financial markets deepens amid increasing concerns of recession. As of 1340 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price dipped 3.6 percent to $34,654. With this decrease in price, the market capitalisation of the biggest crypto has reached $659.6 billion. Bitcoin has shed 8.4 percent of its value during the last seven days.

Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, slipped 4.8 percent to $2,553. With this decrease in price, the market capitalisation of ETH has reached $308 billion. ETH has been 6.8 percent down in the past seven days. Similarly, XRP price went down by 3.9 percent to reach $0.573. The market capitalisation of XRP stands at $27.7 billion with this decrease. XRP has shed 2.5 percent of its value during the last seven days.

On the other hand, Cardano (ADA) price slipped by 5.2 percent to reach $0.740. Its market capitalisation has reached $25 billion with this decrease. ADA has shed 2.4 percent of its value in the past seven days. Similarly, Dogecoin (DOGE) price shed 2.3 percent to $0.125. With this decrease in price, the market capitalisation of DOGE has reached $16.6 billion. DOGE has shed 1.7 percent during the last seven days.

On the other hand, Avalanche (AVAX) price dipped 7.4 percent to $52.43. With this decrease in price, the market capitalisation of AVAX has reached $14.1 billion. AVAX has shed 8.2 percent of its value during the last seven days. Meanwhile, customers can now purchase Gucci’s high-end handbags and other luxury products in some US stores using cryptocurrencies, including Bitcoin, the Italian fashion house said, as digital currencies increasingly gain mainstream acceptance. Starting later this month, customers can pay with digital tokens at some of Gucci’s flagship stores, according to a recent media report. Gucci plans to expand the service to its stores in North America in the near future, the report added. “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” Marco Bizzarri, Gucci’s president and chief executive, said. “Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”

Gucci said it would accept payments in more than 10 digital currencies, including Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Shiba Inu, Litecoin, and a few US dollar-pegged stablecoins.