Bitcoin falls to $47,203 as cryptos slide

The cryptocurrencies tanked on Friday, with market capitalisation shedding 4.3 per cent to reach $2.29 trillion as of 1240 hours GMT.

The largest cryptocurrency Bitcoin price went down by 3.94 per cent to $47,203. With this decrease in price, the market capitalisation of the biggest crypto has reached $892 billion.

Ether, the world’s second-largest cryptocurrency by market capitalisation, shed 5.68 per cent to reach $3,837. With this decrease in price, the market capitalisation of ETH has reached $451 billion.

Similarly, XRP price shed 2.74 per cent to reach $0.807. The market capitalisation of XRP stands at $80.7 billion after this decrease. On the other hand, Cardano (ADA) price sipped by 6.14 per cent to $1.24. Its market capitalisation has reached $40.7 billion with this decrease. Similar was the case with Dogecoin (DOGE) whose price plunged 6.27 per cent to reach $0.171. With this decrease in price, the market capitalisation of DOGE has fallen to $22.6 billion.

Meanwhile, the Chamber of Deputies of the Congress of Brazil has approved new proposed legislation that seeks to bring clarity to cryptocurrency regulation in the country.

The project, identified as Bill 2303/15 and proposed by Deputy Aureo Ribeiro, establishes definitions for exchanges and virtual currencies. It also requires a central body to oversee all cryptocurrency-based operations, which will be appointed by the executive branch of the government. The bill will now be passed to the Senate, which will ultimately decide if it is passed into law. staff report