UPDATED: June 11, 2021 13:03 IST
The cryptocurrency market was under pressure on Friday after the International Monetary Fund (IMF) raised concerns about El Salvador’s decision to approve Bitcoin as a legal tender.
The IMF has categorically said that the adoption of Bitcoin as legal tender raised a number of macroeconomic, financial and legal issues.
“Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis,” said Gerry Rice, an IMF spokesman, during a scheduled press briefing.
“We are following developments closely, and we’ll continue our consultations with the authorities,” Rice added. It may be noted that El Salvador became the world’s first country to adopt Bitcoin as a legal tender earlier this week.
At around 9:40 am, Bitcoin was trading close to $36,900, down nearly 1 per cent. The world’s most popular virtual coin could fall further over the weekend as a US betting web portal indicated that the value of the digital currency could drop by 58 per cent to $10,000 this year.
Smaller rival Ether also remained weak and was trading nearly 4 per cent weaker than its price 24 hours ago. All other cryptocurrencies like Ripple, Cardano, Dogecoin, Stellar, Polkadot, Chainlink were trading weaker. Only Litecoin’s value remained in positive territory.
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Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||24-hour change||Market cap (Billion)||Volume (24 Hours)|
|Ethereum (Ether)||$2,466.60||-3.75%||$286.72||$32.60 billion|
|XRP (Ripple)||0.867857||-3.15%||$86.78||$3.37 billion|