Cryptocurrency news: Dogecoin down by 3.2%, Cardano fell by 2.5%

Six of the top ten cryptocurrencies were trading in green on Wednesday. Dogecoin slipped by 3.20% to $0.24. Cardano declined by 2.54% to $2.10. The world’s oldest and largest cryptocurrency Bitcoin rose by 1.99% to $63,908.06. Ethereum, the second largest token declined by 0.31% to $3,845.46. Binance Coin fell by 2.06% to $484.11. Others like Solana and Polkadot declined by 2.01% and 0.19% respectively. In terms of ranking, Cardano slipped one position to fifth, while Tether USDT moved one position higher to fourth. Similarly, Dogecoin fell to the tenth position and USD Coin moved to the ninth position.

Cryptocurrency prices

Cannot trust Facebook to manage cryptocurrencies: US lawmakers

According to a group of law makers, Facebook Inc cannot be trusted to manage cryptocurrency and had urged the social media giant to discontinue the pilot version of its cryptocurrency wallet Novi, which was launched on Tuesday.

The lawmakers in a letter to CEO Mark Zuckerberg said that the company is pursuing digital currency plans once again on an aggressive timeline and has launched a pilot for payments infrastructure network already, even though these plans are incompatible with the actual financial regulatory landscape.

The letter further said that Facebook cannot be trusted in managing a digital currency, when its existing ability to manage risks and keep consumers safe has proven wholly insufficient.

Dogecoin is fun, Bitcoin better gold than gold: Mark Cuban

In an interview with CNBC, Billionaire Mark Cuban said that he picked Bitcoin, Ethereum and Dogecoin as important of them all, when he was asked as to what cryptocurrencies he would suggest to new investors.

Cuban said that Dogecoin has one of his preferred crypto, as it was a good option to learn the ropes of cryptocurrency and its impact on the market. He also added that Dogecoin was fun.

The billionaire said that Bitcoin is a better gold than gold, due to its algorithimic scarcity. There is only a limited amount of this coin available, which has helped its market cap reach new heights, he said. On the other hand, he said Ethereum has the most upside as it is the closest thing to a true currency.