Cryptocurrency prices today:
It is the red index for cryptocurrency on October 4. There has been a 0.26% increase of the global cryptocurrency market cap which is priced at Rs 157.34 lakh crore over 24 hours. However, the total crypto market volume is at Rs 6,43,466, making a decrease of 11.07%. Bitcoin is pricing at Rs 36,99,630 with 42.44% dominance. It witnessed an increase of 0.12% over the day. Ethereum is currently priced at Rs 2,60,612.
Financial stability challenges can be posed due to the rapid growth of crypto assets:
According to International Monetary Fund, the rapid growth of crypto assets can bring forth new opportunities. However, it warned the traders about the financial stability challenges. Besides, crypto-asset technology acts as a tool for faster and cheaper cross-border payments. The advent of crypto assets can increase cryptoisation, circumvent exchange and capital control restrictions.
Turbulent crypto world:
The cryptocurrency world has shown a slump in September making it a turbulent and volatile trend for investors. The reason was due to the Evergrande crisis across markets. Bitcoin witnessed a price drop by about 14% from $47,260 at the day’s closing on September 19 to $40,694 on September 21. However, the recovery to $44,895 was not sustained due to the ban on crypto transactions and mining imposed by China on September 24.
Is Ethereum the future of the internet?
Over the past year, there can seen an increase in the interest in the Ethereum blockchain. This is because of the developers who have inclined to it to create DeFi, a wave of decentralised finance projects and NFTs, unique digital tokens. The price of Ethereum has currently jumped ninefold. Ethereum aka ETH is used in the transaction for the computer power needed to run the blockchain.