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The cryptocurrency market has suffered a loss of over $1,000 billion since November 2021. The value of cryptocurrencies declined last week and the trend continued Monday as well. Premium digital currency Bitcoin s value fell by of 6.84 per cent Monday. It is now valued at $33,541. In just four days, its value has reduced by $10,000. It was valued at $43,000 last week. The second biggest cryptocurrency Ethereum is now valued at $2,198 after a fall of over 12 per cent since Friday. Cardano has lost its value by 14 per cent, Solana by 19 per cent, Polkadot by 14 per cent, Dogecoin by 10 per cent and Shiba Inu by one per cent. The cryptocurrency market was flourishing until Nov.
If you have invested in cryptocurrency, Friday might be the day you would want to forget. Investors lost $140 billion as the market wobbled and almost all digital currencies lost value. The most expensive cryptocurrency Bitcoin lost 8% of its value. One BTC traded at $38,560, down by $4,853 from $43,413. Ethereum lost 14%, Cardano 5%, Solona 19%, Polkadot 19.63%, Dodge Coin 22%, and Shiba Inu 20%. The value of cryptocurrencies has been under strain for past many weeks. Bitcoin was struggling to breach the $45,000 mark. Experts are fearing that this situation will persist because major economies, Russia, China, India, and United States have taken strict measures to regula.
The State Bank of Pakistan and the federal government have decided to ban the use of all cryptocurrencies, according to a report submitted to the Sindh High Court (SHC) on Wednesday. The SHC has been hearing a case about digital currencies. For the first time, the central bank has taken a clear position on the cryptocurrencies and urged the SHC to not only ban cryptocurrencies but also impose penalties against crypto exchanges. The status of cryptocurrencies in Pakistan has been in limbo in the absence of laws and rules to regulate the use of these digital currencies for trade. On October 20, the Sindh High Court told the federal government to regulate cryptocurrencies within .