Top Cryptocurrency News Today: The biggest moves in NFTs, bitcoin, crypto rules and more

The global crypto market cap is $1.93 trillion, a 2.86 percent decrease over the last day. The total crypto market volume over the last 24 hours is $64.24 billion, which makes a 15.79 percent increase. The volume of all stablecoins is now $52.39 billion, which is 81.55 percent of the total crypto market 24-hour volume. Bitcoin's price is currently Rs 33.41 lakh, with a dominance of 41.21 percent. This is a 0.26 percent increase over the day, as per CoinMarketCap data. Read more here.

Bitcoin briefly dropped below its 50-day moving average, sliding back further into the range in which it has traded this year. The largest cryptocurrency fell as low as $41,918 on Monday morning in Asia, retreating for the seventh day in the past eight. Since peaking at just above $48,000 in late March, Bitcoin -- and other tokens -- have been dragged lower by concerns about tighter monetary policy. Even the buzz around last week’s Bitcoin 2022 conference in Miami wasn’t enough to reverse the trend. US inflation likely accelerated to 8.4% in March, the fastest pace since early 1982, economists surveyed ahead of data due Tuesday predict. The Federal Reserve may need to hike interest rates above 4%, Goldman Sachs Group Inc. Chief Economist Jan Hatzius said Friday. Read more here.

Auction house Sotheby’s was slated to offer up a lot of 104 high-value CryptoPunks NFTs in February, with an estimated haul of $20 million to $30 million for the set. Instead, the owner of the Ethereum NFTs withdrew the lot minutes before the auction’s start—and gloated about “rugging” Sotheby’s on Twitter. Instead, 0x650d—the pseudonymous owner of those NFTs—has now taken out an $8.3 million dollar loan using the set of CryptoPunks as collateral, the largest such loan reported to date. Read more here.