The cryptocurrency market remained bearish on Sunday, with the market capitalisation shedding 0.4 percent to reach $2.59 trillion as of 1325 hours GMT. Bitcoin, the largest cryptocurrency, continued rallying and jumped 0.90 percent to reach $61,196. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.152 trillion.
However, ether (ETH) price shed 0.73 percent to reach $3,867. With this decrease in price, the market capitalisation of ETH has reached $453.9 billion. Following suit, XRP price shed 0.77 percent to reach $1.13. The market capitalisation of XRP stands at $113.3 billion after this decrease.
Likewise, cardano (ADA) price shed 1.13 percent to reach $2.17. Its market capitalisation has decreased to $70.4 billion after this fall. On the other hand, dogecoin (Doge) price went up by 1.01 percent to reach $0.240. With this increase in price, the market capitalisation of doge has reached $31.5 billion.
Bitcoin, the world’s largest cryptocurrency, consolidated position at the $61,000 level after hitting it a day earlier for the first time in six months, nearing its record high, as traders grew confident that US regulators would approve the launch of an exchange-traded fund (ETF) based on its futures contracts.
Meanwhile, Miami’s mayor is moving forward with a plan to pay city workers in bitcoin, calling the switch from fiat currency a “major priority.” However, neither city workers nor the Miamians who pay their salaries have yet been given a say.
City employees would be able to receive all or part of their paychecks in the much-hyped cryptocurrency, Mayor Francis Suarez said, adding if the county authorities permit it, residents could even pay their taxes in bitcoin. Miami residents have not yet been given any choice in the city’s hot pursuit of the cryptocurrency, even though Suarez wants the entire state to hold bitcoin on its balance sheet – something that is currently illegal and could lead to massive financial losses for the state should the labile currency tank.
Suarez announced the city would “differentiate ourselves as a crypto capital of the United States or of the world,” saying the city is putting out a request for proposals from any financial-technology partner capable of designing and developing such a system. Currently, Florida law does not permit local governments to hold volatile assets like bitcoin on their balance sheets.
