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Cryptocurrencies Rise; Bitcoin Prices Recover Above $8,000 Level

Cryptocurrencies’ prices continued to rise on Monday

Investing.com - Cryptocurrency prices continued to rise on Monday, with Bitcoin recovering to above the $8,000 level.

Bitcoin was trading at $8,161.0 by 12:30AM ET (04:30GMT) on the Bitfinex exchange, up 0.84% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, gained 1.02% at $517.19 on the Bitfinex exchange.

Ripple’s XRP token traded 3.2% higher to $0.66778 on the Poloniex exchange.

Meanwhile, Litecoin added 0.5% to $128.5

In a relatively slow news day, Reserve Bank of India (RBI)’s warning on cryptocurrencies last week received some residual focus.

"The RBI has cautioned on at least three occasions members of the public and users of virtual currency regarding risks they are exposing themselves to through these cryptocurrencies," RBI deputy Governor B.P. Kanungo said. "We have now decided to fence RBI-regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to stop having a business relationship with entities dealing with virtual currencies forthwith, and unwind the existing relationship within three months," he added.

The move by the RBI has reportedly caused s decline in daily trade volumes and price fall for all tokens last week.

"This unprecedented move by the RBI has stirred the market and impacted the industry at various levels….Traders who were looking at long-term investment through crypto assets will suffer heavy losses, especially those who have made hefty investments, out of their livelihood savings," Rahul Raj, Co-Founder and CEO of Koinex said, adding that there might be an “irreversible negative ripple effect across the ecosystem.”

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