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Crypto Falls in Holiday Trading as Asia Celebrates New Year

Investing.com - Cryptocurrency prices fell on Monday as Bitcoin remained in the $3,400 range amid holiday-thinned trading as investors in Asia celebrate the new year.

Virtual currencies have remained subdued over the weekend as China, South Korea and other Asian countries celebrate the lunar new year.

Bitcoin dipped 0.5% to $3,451.60 as of 9:09 AM ET (14:09 GMT) on the Investing.com Index.

Cryptocurrencies overall were flat with the total coin market capitalization at $113 billion at the time of writing.

Ethereum dipped 0.69% to $107.65 and XRP slipped 1.5% to $0.30104 while Litecoin was at $34.05, up 0.4%.

Meanwhile, CEO and co-founder of Twitter (NYSE:TWTR) Jack Dorsey said he still believes Bitcoin will be internet’s native currency.

“[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet,” Dorsey said in an interview with comedian and podcast host Joe Rogan.

Dorsey also said that some of the major banks love blockchain but also added that it is “certainly threatening to certain services behind banks and financial institutions, it’s threatening to some governments as well.”

In other news, Ripple, the company that produces the XRP coin, is opening an office in Shanghai despite China’s crackdown on digital coin exchanges.

The company posted on its LinkedIn (NYSE:LNKD) page that it was looking for a country manager to help with the launch. Ripple already has offices in San Francisco, New York, London, Mumbai, Sao Paulo and Sydney.

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