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Cryptocurrencies fall despite support from Argentina, Mexico

Cryptocurrencies

London, (Business News Report)|| The support provided by Argentina and Mexico have not prevented the cryptocurrencies market fro falling on Saturday.

The market value of cryptocurrencies decreased by 2.64% to reach $1.76 trillion, with a trading volume during the last 24 hours that recorded about $90.42 billion.

It seems that despite the endless international support from countries like Argentina, Mexico and the UAE for digital currencies, the market is still suffering from the European Central Bank attack on it as well as the US restrictions imposed recently.

The Argentine capital, Buenos Aires, which has about 12 million citizens, announced its acceptance of public financial transactions in digital currencies.

In Mexico, Senate Senator (Indira Kempes) submitted a request to the Senate to discuss a petition to legal tender for the adoption of the digital cryptocurrency Bitcoin as legal currency recognized in Mexico and vote on it in the Senate for the adoption of formal legislation for that.

Senator Indira Kempes has teamed up with ChainBytes, a maker of Bitcoin ATMs, and Axolotl, a Mexican ATM operator, to deploy a number of BTC-enabled ATMs so that lawmakers can identify the Bitcoin transactions before the law is introduced to adopt the Crypto Currency for a vote in the Council.

In the UAE, the Emirati real estate company, Damac, announced that it will enhance its services in the digital economy, by providing facilities for those wishing to buy real estate and pay in the two cryptocurrencies, “Bitcoin” and “Ethereum”.

Within the framework of the sanctions that the United States of America and the European Union continue to impose on Russia, new American measures have caused the market to turn into losses.

Recently, the US government sanctioned the Russian bitcoin miner, with the Office of Foreign Assets Control (OFAC) specifically placing Moscow-based Peteriver on a blacklist.

The US authorities have added 10 Russia-based subsidiaries of Petriver AG, the Swiss-based holding company of Petriver AG, to the list.

The price of Bitcoin plunged by 1.88% to reach $38589.53, and the market value of the most popular cryptocurrency in the world fell to the level of $734.2 billion.

The highest level that Bitcoin reached was on November 10, when it recorded $68,992.

The price of the Ethereum coin (ETH) decreased by 2.62% from its value, recording $2,822.04. The price of Binance coin BNB decreased by 1% to reach $396.75. The price of the XRP currency fell by 3.15% to $0.6195.

The Cardano coin lost 2.42% to $0.8128. On the other hand, the price of Polkadot fell by 4.20% to reach $16.14. Dogecoin DOGE/USD fell by 2.67% to reach $0.1351 levels.

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