Daily Cryptocurrency Tracker 23.5.19: Crypto market shows correction

Cryptocurrencies reverted to losses over the past 24 hours, as all top 10 cryptos were in the red, 6 of which losing 5% or more. At the time of writing, Bitcoin was down more than 3.5%, falling below the $7,700 mark.

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Cardano falls 9%

While all top 10 cryptocurrencies were seen lower over the past 24 hours, none registered larger losses than those of Cardano (ADA). Currently ranked 10th overall by market cap, Cardano was down more than 9% at the time of writing. These recent losses brought Cardano’s weekly decline to more than 18%, bringing it to its lowest price levels in 10 days.

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Swiss stock exchange working on stablecoin

Many cryptocurrency experts believe that stablecoins will be the vessel for the integration of cryptocurrencies and blockchain technology into mainstream markets. According to a report on CoinDesk, SIX, the Swiss national stock exchange group, is working on a stablecoin that will be pegged to the Swiss Franc, and will be used to carry out transactions and money transfers. Switzerland is a highly influential global financial hub, and this move could serve as a catalyst for the creation of more stablecoins by other global exchanges.

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Cryptocurrencies can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance is not an indication of future results. This is not investment advice. Your capital is at risk

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