Cryptocurrency news: Polkadot loses 5.2%, Dogecoin slips 3.5%

Eight of the top ten cryptocurrencies were trading in the red on Thursday with Polkadot losing 5.21% to $47.82, while Dogecoin dropped 3.52% to $0.26.

XRP fell 1.97% to $1.24. Similarly, Binance Coin slipped 2.12% to $616.22. The world’s oldest and largest cryptocurrency Bitcoin showed a decline of 2.75% to $64,631.63, while the second-largest token Ethereum slumped by 1.19% to $4,630.76.

Among other virtual currencies in the top-10 list, Cardano rose 3.27% to $2.10 and Solana added 0.19% to $237.69. In terms of ranking, all the cryptocurrencies retained their previous slots, except for Tether USDT which replaced Cardano in the fourth position, pushing the latter two spots lower to the sixth position.

Cryptocurrency prices

RBI governor raises alarms on cryptocurrencies

The Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday, said that the country’s ostensible demand and publicised interest in crypto currencies are likely exaggerated and potentially a marketing ploy to lure more people to an asset class which is yet to be approved by the regulator.

He further reiterated his concerns over the financial instability such could investments could cause and added that the recommendations were being actively looked at by the government. Also, about 70% of the investors or even more have invested, have invested about Rs 1,000 to Rs 3,000, he added.

In the last couple of months, Indian investments in cryptocurrencies hit the $10 billion mark. At present, 105 million citizens or 7.9% of Indians, have invested in cryptocurrencies through Indian exchanges, as per data compiled by CREBACO.

Mastercard set to launch crypto linked payment cards in Asia Pacific

Mastercard has entered into a partnership with cryptocurrency service providers Amber, Bitkub and CoinJar to launch its first crypto-funded payments cards in the Asia Pacific (APAC) region. The payment card company had said in February this year, that it will begin supporting cryptocurrencies in its network.

The announcement comes on the back of some merchants accepting payments in digital currencies like Bitcoin and Ethereum. 45% of those living in APAC are considering cryptocurrencies as a mode of payment next year, as per a Mastercard survey.