Cryptocurrency Update – May 4, 2022

Insight Bureau: Cryptocurrency traded in the red on May 4, 2022. The global crypto market cap fell 1.17% in a day, currently standing at $1.72 trillion. The total crypto market volume over the last 24 hours declined to $72.09 billion which is a 15.36% decrease.

The total volume in DeFi is presently $7.71 billion, 10.69% of the total 24-hour volume in crypto market. The dominance of the world’s biggest cryptocurrency, Bitcoin, is currently 42.08% which is a 0.10% decrease over the previous day, as per the data from CoinMarketCap.

As of 12:30PM IST on May 4, 2022, the prices (in INR) and percentage increase (or fall) in 24 hours of some of the largest cryptocurrencies are:

Bitcoin – 31,05,401 , -1.01%
Ethereum – 2,27,907 , -1.59%
Tether – 81.10 , -1.18%
Cardano – 63.49 , -1.57%
Binance Coin – 31,441 , -1.05%
XRP – 49.49 , -2.15%
Polkadot – 1,238.24 , +0.24%
Dogecoin – 10.55 , -1.59%

The Securities and Exchange Commission (SEC) in US stated that it will add 20 positions to its enforcement unit for crypto markets in its attempt to prevent fraudulent activities in the hot digital space. The division will be renamed as “Crypto Assets and Cyber Unit” and will consist of 50 employees.

The SEC explained that the restructured unit will focus on curbing frauds that use crypto asset exchanges, crypto asset offerings, crypto asset lending and staking products.