Cryptocurrency prices today were under pressure with Bitcoin trading below $47,000. The world’s largest and most popular cryptocurrency’s prices declined to lower at $46,874, down 3.5%. The most popular digital token is up 62% this year (year-to-date), though, far away from its record just below $65,000 in April.
As per CoinDesk, Ether, the coin linked to ethereum blockchain, was trading marginally higher at $3,226.8 whereas dogecoin at $0.24, falling over 4%. Other cryptocurrencies like XRP, Stellar, Litecoin were lower while Uniswap gained over the last 24 hours.
The International Monetary Fund (IMF) has warned that adoption of crypto assets such as Bitcoin as national currency can impact a country’s macroeconomic stability. The warning came ahead of the central American nation, El Salvador, officially adopting the world’s most popular decentralised digital currency, Bitcoin, as a legal tender from 7 September.
In a blog titled ‘Crypto assets as National Currency? A Step Too Far’, the IMF said, “Some countries may be tempted by a shortcut: adopting crypto-assets as national currencies. Many are indeed secure, easy to access, and cheap to transact. We believe, however, that in most cases risks and costs outweigh potential benefits.”
Meanwhile, since July, assets under management for digital-asset investment products rose more than 57% to roughly $55 billion. Average daily aggregate trading volumes increased more than 46% to $544 million, the biggest month-over-month rise since May, according to data-tracker CryptoCompare.
(With inputs from agencies)
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