Cryptocurrency prices today were trading with marginal gains, however, Bitcoin continued to trade below $47,000. The world’s largest and most popular cryptocurrency’s prices were up at $46,818. The digital token is up 61% 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 with gains of 6% at $3,418 whereas dogecoin at $0.27, rising nearly 1%. Cardano surged to $2.75, meanwhile, other cryptocurrencies like XRP, Stellar, Litecoin, Uniswap also gained over the last 24 hours.
Investors continued to pour into digital funds based on altcoins, such as ether and cardano, even as bitcoin funds logged their eighth straight week of outflows last week, digital asset manager CoinShares said. Altcoins is a cumulative term to define cryptocurrencies that came after bitcoin.
Overall, crypto funds saw a second consecutive week of inflows, totalling $24 million last week. On the other hand, bitcoin saw outflows for the 8th consecutive week, with outflows totalling $3.8 million last week. The digital asset has seen outflows in 14 out of the last 16 weeks, with outflows of $650 million in total. Cardano, which recently became the third biggest cryptocurrency, saw inflows totalling $10.1 million last week.
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.”
(With inputs from agencies)
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