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The Price Of Bitcoin Slipped For The Third Session To $41,932

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The Price Of Bitcoin Slipped For The Third Session To $41,932

(CTN News) – The Bitcoin cryptocurrency market experienced a decline for the third consecutive session on Sunday, resulting in a 0.8 percent decrease in market capitalization, which now stands at $1.65 trillion.

As of 1100 hours GMT, the price of Bitcoin, the oldest and most valuable cryptocurrency globally, dropped by 0.7 percent in the past 24 hours, reaching $41,932. Consequently, the market capitalization of Bitcoin decreased to $820.7 billion. Over the past seven days, Bitcoin has seen a decline of 3.9 percent.

Bitcoin initially surged above the $43,000 level on Wednesday following the Federal Reserve’s decision to maintain unchanged interest rates and hint at potential cuts in the upcoming year. However, the token later experienced a downward trend.

Similarly, Ether (ETH), the second-largest cryptocurrency by market capitalization, witnessed a 1.4 percent decrease, reaching $2,216. As a result, the market capitalization of ETH now stands at $266.3 billion. Over the past seven days, ETH has lost 5 percent of its value.

On the other hand, the price of Binance Coin (BNB) slipped by 1.9 percent, reaching $242. The market capitalization of BNB decreased to $37.2 billion. However, BNB has gained 1.9 percent in value over the past seven days.

The price of Ripple (XRP) also experienced a decline of 0.4 percent, reaching $0.619. The market capitalization of XRP now stands at $33.5 billion, with a 4.7 percent decrease in value over the past seven days.

Conversely, the price of Solana (SOL) experienced a decline of 1.9 percent, settling at $72.80. As a result of this decrease, its market capitalization has now reached $31.1 billion. Over the past week, SOL has seen a 2.4 percent increase in its value.

During the recent MOEF-BOK-FSC-IMF International Conference on Digital Money in Seoul, South Korea, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, emphasized the necessity of implementing a set of regulations and establishing infrastructure to mitigate the risks associated with cryptocurrencies.

Georgieva acknowledged that crypto assets are here to stay, highlighting that Bitcoin is currently trading at its highest value since April 2022. Furthermore, she noted that the crypto market cap has doubled over the past year.

Georgieva cautioned against the use of crypto assets as a substitute for domestic currency, as it can undermine the effectiveness of monetary policy transmission.

Additionally, she highlighted that it can enable the circumvention of capital flow management measures, such as restrictions on foreign currency holdings.

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