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Bitcoin jumps to $48,505 as cryptos remain bullish

Written by The Frontier Post

ISLAMABAD (TLTP): The cryptocurrency market remained bullish on Saturday after expiry of $200 million in options a day earlier, with the market capitalisation gaining 2.4 percent to reach $2.26 trillion as of 1340 hours GMT.
The price of bitcoin (BTC), the largest cryptocurrency, gained 2.38 percent to reach $48,505. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached $912.8 billion.
Likewise, ether (ETH) price went up by 1.36 percent to reach $3,501. With this increase in price, the market capitalisation of ETH has reached $410.6 billion.
Similarly, XRP price gained 2.32 percent to reach $1.09. The market capitalisation of XRP stands at $108.6 billion after this increase.
Following suit, cardano (ADA) price gained 1.57 percent to reach $2.40. Its market capitalisation has reached $77.7 billion after this increase.
In the same way dogecoin (Doge) price gained 0.87 percent to reach $0.244. With this increase in price, the market capitalisation of doge has reached $31.9 billion.
Meanwhile, Laos has authorised a series of cryptocurrency mining and trading projects in the country, looking for another source of income to supplement the losses caused by the drop in tourism due to Covid-19 related measures.
Six companies have been authorised to start cryptocurrency trading and mining operations in the country, according to the office of the prime minister. Now, according to reports, the government will start work to regulate these activities. Laos could also be trying to attract some of the miners ousted from China, by being a close substitute that can also offer plenty of cheap, hydroelectric power currently not being used at its full potential.
This might be a lifesaver for Laos, as its own energy consumption is lower than what the country produces, making it easy to introduce a mining industry without disrupting the national electrical grid. However, regulators have concerns. Laos sits in an area that is very famous for the volume of narcotics produced there. Many are worried that the rise in these industries might translate to cryptocurrencies being used for money laundering purposes.

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