The prices of major cryptocurrencies went down on Monday amid concerns on regulations.
Bitcoin, the world’s biggest cryptocurrency, shed 0.52 percent to reach $55,246. With this decrease in price, the market capitalisation of the BTC has reached $1.03 trillion.
Likewise, ethereum (ETH) shed 1.07 percent to reach $2,119. With this decrease in price, the market capitalisation of ETH reached $246.8 billion.
However, Binance coin (BNB) gained 5.9 percent to reach $490. The market capitalisation of BNB stands at $75.7 billion after this increase.
On the other hand, XRP reached $1.29 with a 2.77 percent decrease in price. Its market capitalisation has reached $59.3 billion with this decrease.
Likewise, the price of tether (USDT) remained flat at $0.99. The market capitalisation of the USTD stands at $48.1 billion.
Meanwhile, the Bank of England said it would team up with the UK Treasury to explore a potential national virtual currency as Britain eyes joining the crypto-frenzy that has gripped state regulators across the world.
The task force will coordinate work on a possible “Central Bank Digital Currency (CBDC)” that could be used by both households and businesses, and would exist alongside cash and bank deposits.
“Our vision is for a more open, greener, and more technologically advanced financial services sector,” the UK Treasury chief Rishi Sunak told a fintech conference.
“And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s preeminent financial center,” the state official added.
The CBDC task force is expected to look at use cases, opportunities and risks of a potential “digital pound.” The decision comes amid a progressive decline in cash payments, partially as a result of the Covid-19 pandemic. Just one in ten payments in Britain is expected to be made with traditional paper money by the end of this decade.
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