ISLAMABAD, (TLTP): The crypto market continued struggling on Saturday amid calls for regulatory and anti-money laundering rules and the latest tweet of Tesla owner Elon Musk.
The combined market capitalisation of all cryptocurrencies shed 0.5 percent to reach $1.69 trillion as of 1315 GMT on Saturday, as digital currencies don’t take any day off and are freely traded outside standard hours for equity exchanges.
Bitcoin, the largest cryptocurrency, dropped 2.35 percent to reach $35,847. With this decrease in price, the market capitalisation of the BTC has reached $671 billion.
Likewise, ethereum (ETH) shed 0.76 percent to reach $2,617. With this decrease in price, the market capitalisation of ETH has reached $304 billion.
Similarly, XRP lost 1.47 percent to reach $0.934. The market capitalisation of XRP stands at $93.3 billion after this decrease.
On the other hand, Cardano (ADA) price reached $1.68 with a 0.16 percent gain in its price. Its market capitalisation has reached $54 billion with this increase.
Similarly, dogecoin (Doge) gained 2.33 percent to reach $0.370. With this increase in price, the market capitalisation of Doge reached $48 billion.
Musk has roiled Bitcoin and other digital tokens with a string of social media posts. In his latest tweet, Musk wrote “#Bitcoin” with a broken heart emoji and a reference to a lyric from the popular song “In the End” by Linkin Park.
In a new note this week, JP Morgan said institutional investors are not buying the dip in bitcoin, and suggested prices may have further to fall.
Bitcoin’s proponents view the digital currency as a store of value similar to gold, arguing it can act as a hedge against inflation as central banks around the world ramp up stimulus in response to the coronavirus crisis. But sceptics say bitcoin is a speculative bubble waiting to burst.
