Major cryptocurrencies traded in the red early on May 24 as the global cryptocurrency market cap dropped 2.05 percent to $1.26 trillion over the last day. On the other hand, the total crypto market volume over the last 24 hours jumped 36.09 percent to $83.88 billion.
The total volume in DeFi stood at $9.64 billion, 11.49 percent of the total crypto market 24-hour volume. The volume of all stable coins was at $73.66 billion, which is 87.81 percent of the total crypto market 24-hour volume.
Bitcoin's price is currently Rs 24.06 lakh, with a dominance of 44.20 percent. This was a 0.41 percent decrease over the day, according to data from CoinMarketCap.
In the news, as nose-diving crypto prices in 2022 highlight the risks and uncertainties of an unregulated instrument, some media reports suggest that the capital markets 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.
In the corporate news, 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”, adding: “The value of companies is based on how they make great products. 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.As of 8.21 am on May 24, these are the prices of largest cryptocurrencies (data from WazirX):
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