Hex gains 9.0%, becomes fourth largest crypto; XRP slips 26.5%
Top cryptocurrency prices today: XRP was the top loser and fell 26.53% to $0.83. While, Hex gained by 9.05% to $0.41
XRP slipped three positions to number eight and had registered the highest decline of 26.53% to $0.83 while new entrant Hex gained by 9.05% to $0.41, becoming the fourth largest cryptocurrency in the world. The crypto has pushed Binance Coin to fifth position and displaced Polkadot from the top 10 list. Seven out of the top ten cryptocurrencies were trading in red on September 9. The world’s biggest and the oldest cryptocurrency Bitcoin declined by 2.53% to $45,906.47-levels on Thursday, while Ethereum the second-largest virtual token inclined by 0.51% to $3,946.75. Solana was the other crypto which rose by 8.56%.
Bitcoin’s decline continues on the back of the crypto’s crash on the back of the faltering of its rollout in El Salvador on Tuesday.
Bloomberg reported that users on social media platforms like Twitter and Reddit were discussing plans to buy $30 worth of Bitcoin en masse on September 7 to mark El Salvador’s Bitcoin law coming into effect. The potential price pump echoes that of previous online campaigns targeting meme stocks like GameStop Corp.
In its 12 year history, Bitcoin faces one of its biggest tests as El Salvador became the first country to adapt it as a legal tender.
The experiment monitored by both enthusiasts and detractors of cryptocurrencies to see if a significant number of people are transacting with Bitcoin, when it circulates alongside the US dollar, and whether it brings any benefits to the violent, impoverished Central American Nation.
The success of this experiment may lead to an initial boost from the government’s Bitcoin wallet Chivo, which comes pre-loaded with $30 worth of currency for users registered with a Salvadoran national ID number. Early on Tuesday, the government disconnected the wallet to sort out technical glitches and would make it available for download later in the day.
Cryptocurrency prices
*All prices as of 9th September 2021, at 7:15 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 73.78
‘Crypto needs to be regulated as asset’
Former deputy governor of Reserve Bank of India (RBI) R Gandhi said that cryptocurrencies need to be regulated as a separate asset class and not as a currency, would enable governments around the world to effectively deal with illegal activities associated with virtual currencies.
While speaking at the virtual event organised by the Internet and Mobile Association of India (IAMAI) and Blockchain and Crypto Assets Council (BACC), he said that the basis of origination of crypto as an asset 12 years ago was that it cannot be traced and taxed.