Cryptocurrency Update – May 3, 2022

Insight Bureau: Cryptocurrency traded in negative territory on May 3, 2022. The global crypto market cap fell 0.65% in a day, currently standing at $1.92 trillion. The total crypto market volume over the last 24 hours declined to $94.83 billion which is a 9.97% decrease.

The total volume in DeFi is presently $17.29 billion, 18.23% of the total 24-hour volume in crypto market. The dominance of the world’s biggest cryptocurrency, Bitcoin, is currently 43.24% which is a 0.06% decrease over the previous day, as per the data from CoinMarketCap.

As of 4:10PM IST on May 3, 2022, the prices (in INR) and percentage increase (or fall) in 24 hours of some of the largest cryptocurrencies are:

Bitcoin – 31,27,065 , -1.09%
Ethereum – 2,30,267 , +0.34%
Tether – 81.54 , -0.14%
Cardano – 64.00 , +0.33%
Binance Coin – 31,594 , -0.28%
XRP – 50.15 , -0.41%
Polkadot – 1,217.27 , -1.07%
Dogecoin – 10.66 , -0.80%

According to a Bloomberg report, the US-based SEC, which has taken a tough stance on cryptocurrency projects under Chairman Gary Gensler, is investigating NFT creators and marketplaces for regulatory violations.

As per the report, the probe is looking into whether NFTs “are being used to raise money like traditional securities.” The SEC has reportedly sent subpoenas related to the investigation and is specifically interested in information about fractional NFTs that allow multiple people to own (and trade) a share of an asset.