Cryptocurrency Update – May 7, 2022

Insight Bureau: Cryptocurrency traded in the red on May 7, 2022. The global crypto market cap dropped 0.92% in a day, currently standing at $1.65 trillion. The total crypto market volume over the last 24 hours fell to $93.61 billion which is a 17.85% decrease.

The total volume in DeFi is presently $9.81 billion, 10.48% of the total 24-hour volume in crypto market. The dominance of the world’s biggest cryptocurrency, Bitcoin, increased by 0.03%, to currently stand 41.47% as per the data from CoinMarketCap.

As of 12:30PM IST on May 7, 2022, the prices (in INR) and percentage increase (or fall) in 24 hours of some of the largest cryptocurrencies are:

Bitcoin – 29,08,725 , -1.75%
Ethereum – 2,16,503 , -3.06%
Tether – 81.44 , -0.05%
Cardano – 62.74 , -2.65%
Binance Coin – 30,630 , -0.75%
XRP – 48.45 , -2.28%
Polkadot – 1,147.15 , -3.00%
Dogecoin – 10.35 , -1.47%

In International News, US Treasury Department reported on Friday, that the United States, imposed sanctions on virtual currency mixer “Blender” and indicted it of being involved in one of the largest cryptocurrency heists on record.

The Treasury Department also identified new virtual currency addresses being used by North Korean hacking group “Lazarus” to launder illicit proceeds through popular online game Axie Infinity.

In Corporate News, Binance Holdings has invested $500 million in Elon Musk’s proposition to takeover Twitter Inc. This is seen as part of Binance Holdings’ strategy to bring social media and news sites to the world of WEB3.