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Bitcoin Breaks $48,000 Amid Remarkable Bullish Ride For Cryptocurrencies

Cryptocurrencies showed signs of recovery on Sunday. Market capitalization for crypto currencies rose up to $2.33 trillion. This is a 1% increase in the last 24 hours. Bitcoin gained massively from the increase, with the price of the digital currency now $48,043. The recent price change means Bitcoin gained 2.87% the last 24 hours. Consequently, Bitcoin’s market price has risen to $908 billion.

Following behind is Ether, only second to Bitcoin by market capitalization. The increase in the digital market added 0.98% to Ether’s market capitalization. Now, the digital currency has moved up to $3974. Consequently, Ether’s market capitalization is $467 billion.

Another digital currency that showed green was XRP. This digital currency saw 2.67% increase in its value. Now, the digital asset trades at $0.842. consequently, market capitalization for XRP rose to $84.2 billion. The price of Cardano rallied to $1.30, recording a significant 4.36% increase. Consequently, the market capitalization of this digital asset rose up to $42.7 billion.

Dogecoin, the meme coin, rallied to $0.173 with the positive surge in the market. Presently, Doge’s market cap has moved to $22.9 billion.

Cryptocurrencies As Emerging Markets

Gita Gopinath, chief Economist at the IMF talked about cryptocurrency last week at a meeting facilitated by the National Council of Applied Economic Research (NCAER). The economist describes cryptocurrencies as emerging markets. She believes more should be done to bring the market up to speed. Gopinath, the economic counsellor at IMF thinks cryptocurrencies pose a big challenge resulting from their uniqueness. 

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Cryptocurrencies are emerging markets, barely more than a decade the digital assets hit the scene. These digital assets that continue to increase daily come with their own risks and potentials. For emerging markets, she thinks the first thing to be controlled is exchange rate. She believes the market for cryptocurrencies are not mature enough until certain parameters are put in place such as capital flow checks and other underlying asset controls.

The IMF economist believes digital markets can benefit from comprehensive regulations. This is because several people see and utilize the digital currencies as investment assets. She believes the rules that apply to assets categorized under investment classes, should extend to digital assets.

While lawmakers and regulators are clamoring for outright ban of cryptocurrencies, she thinks otherwise. The director of IMF research department says banning cryptocurrencies would lead to unpredictable problems. She thinks the decentralized nature of cryptocurrencies will make banning them outrightly a big deal. However, she clamors for a widespread cryptocurrency policy.

Need For Cross-Border Regulation

The IMF presented recommendations for regulating cryptocurrency. Last week, the international monetary body discussed the possibility of a widespread collaboration across countries to effectively check cryptocurrency. El Salvador adopted Bitcoin as its legal tender in November, allowing its citizens to transact in the cryptocurrency. This move resulted in a stern warning from the IMF, who clearly does not support adopting the digital asset as a legal tender in the country. 

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The country proceeded to adopt bitcoin and its citizens now transact the digital asset with the U.S. dollar. In September, the country bought 1,370 bitcoins.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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