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Crypto Gains Push Total Market Value Above $2T

Crytocurrencies’ market value is doing well these days, climbing above $2 trillion as Bitcoin does well, Bloomberg reported.

Cardano, XRP and Dogecoin are also doing well, according to Bloomberg.

The market value of cryptocurrency was up to $2.06 trillion as of Saturday (Aug. 14), with Bitcoin hitting $48,152, which was its highest point since May 16. Cardano, which is now the third-ranked crypto, had increased in price by 47 percent over the past week. Meanwhile, Binance Coin was up 14 percent, XRP was up 61 percent and Dogecoin was up 18 percent, Bloomberg reported, citing CoinGecko.

The rises in crypto values have held steady despite an industry loss in trying to change crypto tax reporting rules in the U.S. The rule, according to Bloomberg, still allows broad oversight for cryptocurrencies.

NYDIG Global Head of Research Greg Cipolaro in a note on Saturday, said Bitcoin’s price is still “surprisingly resilient” and the price action is “extremely bullish,” per Bloomberg.

“[W]e think the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors comfort that this industry is here to stay,” he said, according to Bloomberg.

In other crypto-related news, the president of Argentina, Alberto Fernandez, has voiced a somewhat cautious support of crypto.

Read more: Argentina President Fernandez Cautiously Supports Bitcoin

Fernandez is considering putting out a central bank digital currency (CBDC), although no serious decisions have been made. He said there is “caution” around bitcoin because of the unfamiliar factor of it, and that the volatility in its value has made it somewhat risky over the years. But he said it is still worth considering.

The conversations about crypto’s viability have been happening in Central and South America since El Salvador made Bitcoin as a legal tender. In Argentina, the digital currency could be used as an alternative to the peso, which has been decreasing in value.

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