Last Updated : May 24, 2022 / 10:17 AM IST
Top cryptocurrency news on May 24: The biggest moves in crypto prices, 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 lakh
Cryptocurrencies traded in the red early today on May 24. The global cryptocurrency market cap is $1.26 trillion, a 2.05 percent decrease over the last day. The total crypto market volume over the last 24 hours is $83.88 billion, which makes a 36.09 percent increase. The total volume in DeFi is currently $9.64 billion, 11.49 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $73.66 billion, which is 87.81 percent of the total crypto market 24-hour volume. Bitcoin‘s price is currently Rs 24 lakh, with a dominance of 44.20 percent. This was a 0.41 percent decrease over the day, according to data from CoinMarketCap. Read full here
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Big Story
SEBI proposes banning celebrity promotion of cryptocurrency: A look at past endorsements
Crypto prices have seen a sharp fall in 2022, highlighting the risks and uncertainties of an unregulated instrument. Further, as per some media reports last week, capital market regulator Securities and Exchange Board of India (SEBI) has proposed to the Parliamentary Standing Committee on Finance that celebrities should not be allowed to endorse cryptocurrencies. Let’s look at some of the glitzy crypto advertisements by your favourite celebrities in the recent past. Read details here
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Invest
Why Bill Gates does not buy cryptocurrencies
Microsoft’s billionaire co-founder Bill Gates has expressed doubts about cryptocurrencies on several occasions. During an “ask me anything” session on Reddit earlier this week, he explained why he did not buy them. The billionaire philanthropist said he preferred investing in “things that have valuable output”. “The value of companies is based on how they make great products,” he added. “The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.” Bill Gates had denounced cryptocurrencies in an interview to the Wall Street Journal in February. Take a look
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Davos 2022
‘Blockchain and crypto can form the new internet’: CoinSwitch CEO Ashish Singhal
Startups are trying to form a regulatory regime to guide a global framework for crypto and blockchain, CoinSwitch CEO Ashish Singhal said in an interview with Moneycontrol on May 22 at the World Economic Forum in Davos. Singhal, a former Amazon engineer who co-founded CoinSwitch, also added that the blockchain and crypto can form the new internet in the future. “India is contributing a lot to global startup ecosystem. I hope many more unicorns evolve from India and build the next Google, Facebook from India on blockchain”, he said. Singhal believes that daunting yet exciting times are ahead for startups in India. Read more here
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