Though the prices of all cryptocurrencies were down for the last seven days now it has seen an upward moment. Bitcoin, ETH, Dogecoin, Cardano, and XRP are creeping up. We will look at the prices and market capitalization of all currencies below.
The price of Bitcoin has been increased by 1.18 percent as its price surged to $32,880. The market capitalization of Bitcoin is $616.6. The downfall of all cryptos prices including BTC is due to the ban on mining in China.
The prices of other currencies are also increased, XPR price is reached $0.622, which is a gain of 0.46% with a market capitalization of $62.1 billion. Similarly, Ethereum’s price is also increased, its price is $2009 with a price gain of 1.78%. After this increase in price, the market capitalization of Ethereum is now $234.4 billion.
Dogecoin graph is also accelerated on price chart, dogecoin price is increased by 0.54% and reached $0.201. The market capitalization of Dogecoin is $26.4 billion. The same is the case with Cardano its price is now $1.29, with a market capitalization of $41.4 billion after this increase.
The downward moment in the prices rate of Bitcoin and all other cryptocurrencies is due to many reasons. The first one is that the nature of all cryptocurrencies is very much volatile, and the rise-fall fluctuations are not new for long-term crypto investors. Its also because of the idiosyncratic nature of crypto.
Another thing that is responsible for this hype is some regulations of China, China has stopped power to mining companies. Third and the last thing is the volatile nature of Tesla’s founder Elon Musk, which is also very much responsible for price fluctuations in the crypto market. So all the cryptocurrencies in the market are witnessing a sharp slump
The entire cryptocurrency market is witnessing a broad-based slump at the moment and popular altcoins such as XRP, Cardano, Dogecoin, Stellar, Uniswap, Polkadot, and Litecoin have fallen sharply.
British police have also seized 180 million pounds of an undisclosed cryptocurrency investigation into money laundering by organized crime groups.
Metropolitan Police Deputy Assistant Commissioner Graham said that
“While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money”.