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Crypto market limps towards low after blow from IMF

ISLAMABAD: The crypto market faced a blow on Friday, a day after the International Monetary Fund (IMF)  said that crypto assets can pose significant risks, and the total market capitalisation decreased 2.1 percent to $1.65 trillion as of 13:20 GMT.

The price of bitcoin, the largest cryptocurrency, shed 0.76 percent to reach $37,440. With this decrease in price, the market capitalisation of the BTC has reached $701 billion.

Likewise, ethereum (ETH) price decreased by 3.04 percent to reach $2,472. With this decrease in price, the market capitalisation of ETH has reached $287 billion.

Similarly, XRP shed 1.74 percent to reach $0.866. The market capitalisation of XRP stands at $86.6 billion after this decrease.

On the other hand, Cardano (ADA) price reached $1.52 with a 3.00 percent decrease in its price. Its market capitalisation has reached $48.8 billion with this decrease.

Similarly, dogecoin (Doge) shed 3.78 percent to reach $0.323. With this decrease in price, the market capitalisation of Doge reached $41.9 billion.

On the other hand, the IMF has warned of “a number of macroeconomic, financial and legal issues” surrounding El Salvador making bitcoin legal tender. “Crypto assets can pose significant risks and effective regulatory measures are very important when dealing with them,” IMF Spokesperson Gerry Rice cautioned.

Gerry Rice said, “Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis so we are following developments closely and will continue our consultation with authorities. Crypto assets can pose significant risks and effective regulatory measures are very important when dealing with them.”

The spokesperson added that the IMF will meet with President Bukele to discuss the recently passed bitcoin law. El Salvador has been in discussions with the IMF seeking a near $1 billion loan.

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