Cryptocurrency Update – May 13, 2022

The total crypto market volume over the last 24 hours, rose to $2.12 trillion, which is a 869.28% increase.

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Insight Bureau: Cryptocurrency traded in the green on May 13, 2022 as the global crypto market cap increased 2.36% in a day, currently standing at $1.27 trillion. The total crypto market volume over the last 24 hours, rose to $2.12 trillion, which is a 869.28% increase.

The total volume in DeFi is presently $1.94 trillion, 91.89% of the total 24-hour volume in crypto market. The dominance of the world’s biggest cryptocurrency, Bitcoin, increased by 0.74%, to currently stand at 44.81% as per the data from CoinMarketCap.

As of 11:40AM IST on May 13, 2022, the prices (in INR) and percentage increase (or fall) in 24 hours of some of the largest cryptocurrencies are:

Bitcoin – 25,20,887 , +11.19%
Ethereum – 1,74,472 , +13.89%
Tether – 82.42 , -1.84%
Cardano – 48.38 , +38.77%
Binance Coin – 25,242 , +31.17%
XRP – 37.47 , +22.70%
Polkadot – 817.99 , +27.84%
Dogecoin – 7.71 , +25.15%

According to a senior watchdog official, global market regulators are likely to form a joint body within the next year. This will help better co-ordinate the rules of cryptocurrencies.

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“Alongside COVID-19 and climate change, the boom in digital currencies like bitcoin is one of the three main current areas of focus of the authorities,” said Ashley Alder, chairman of the International Organization of Securities Commissions (IOSCO).

He stated cyber security, operational resilience and lack of transparency in the cryptocurrency world as the key risks that regulators are lagging behind on. Focus on crypto markets has regained it’s intensity this week amid more wild volatility that has long-alarmed the watchdogs.

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