Last Updated : May 23, 2022 / 08:57 AM IST
Top cryptocurrency news on May 23: The biggest moves in cryptocurrencies, regulations and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
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Market Buzz
Bitcoin trading above Rs 24.5 lakh
Most cryptocurrencies traded in the green early on May 23 as the global crypto market capital rose 2.09 percent to $1.29 trillion over the last day. On the other hand, the total crypto market volume over the last 24 hours rose 26.50 percent to $61.27 billion. The total volume in DeFi stood at $8.08 billion, 13.19 percent of the total crypto market 24-hour volume. The volume of all stable coins was at $52.71 billion, which is 86.02 percent of the total crypto market 24-hour volume. Bitcoin traded at Rs 24.5 lakh. The dominance of the world’s largest cryptocurrency increased marginally by 0.09 percent to 44.60 percent over the last day, according to CoinMarketCap data. Read full here
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Big Story
EU’s Christine Lagarde says crypto is ‘worth nothing’ and should be regulated
European Central Bank President Christine Lagarde said crypto-currencies are “based on nothing” and should be regulated to steer people away from speculating on them with their life savings. Lagarde told Dutch television that she’s concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.” Lagarde said she’s sceptical of crypto’s value, contrasting it with the ECB’s digital euro — a project that may come to fruition in the next four years. “My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she said. Read details here
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Invest
When crypto prices fall, Ayushmann Khurrana, Disha Patani, Ranveer Singh are of little help
According to some media reports last week, capital market regulator Securities and Exchange Board of India (SEBI) proposed to the Parliamentary Standing Committee on Finance that celebrities should not be allowed to endorse cryptocurrencies. Around two months back, the Advertising Standards Council of India (ASCI), a self-regulatory body of the advertising industry established in 1985, issued a detailed set of guidelines, to be effective from April 2022, for advertisers and celebrities on how cryptocurrencies or any other virtual digital asset should be advertised. The hype that many cryptocurrency exchanges created around these advertisements last year came home to roost, as crypto prices fell sharply this year. Take a look
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Analysis
This crypto winter will be long, cold and harsh
Bitcoin and other cryptocurrency assets are notoriously volatile, routinely suffering large drops of 50 percent or more. This doesn’t seem to bother the diehard believers in crypto too much, who have become used to declines of this magnitude. They simply use the decline to buy more. Even so, there are still a lot of people in the space who remember ‘crypto winter’, the period between early 2018 and mid-2020 when prices went down and stayed down, and much of the innovation in crypto came to a halt. So, the question is: What do we make of the recent gyrations in the space? Read more here
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