Top cryptocurrency news on May 30: The biggest moves in crypto prices, policies and more – Moneycontrol

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Last Updated : May 30, 2022 / 08:46 AM IST
Top cryptocurrency news on May 30: The biggest moves in crypto prices, policies and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Market Buzz
Bitcoin trading above Rs 24 lakh

Major cryptocurrencies traded in the green early on May 30 as the global crypto market cap rose 4.43 percent to $1.25 trillion over the last day. The total crypto market volume over the last 24 hours rose 4.74 percent to $53.47 billion. The total volume in DeFi stood at $5.55 billion, 10.37 percent of the total crypto market 24-hour volume. The volume of all stable coins was $45.25 billion, which is 84.62 percent of the total crypto market 24-hour volume. Bitcoin traded above Rs 24 lakh. The market dominance of the world’s largest cryptocurrency dropped 0.09 percent to 45.84 percent over the last day, according to data from CoinMarketCap. Read full here

Big Story
Cryptos crumble but VCs remain gung-ho on future prospects

According to a report compiled by financial services and investment management firm Galaxy Digital, Venture Capitalists (VCs) have invested over $10 billion in crypto startups in the first quarter of this year. Just earlier this week, VC giant Andreessen Horowitz announced the close of a $4.5bn crypto fund that focuses on Web3 startups.  Also, a group of former executives from Binance, one of the largest global cryptocurrency exchanges, announced a $100-million venture fund called Old Fashion Research earlier this week, to bring greater crypto adoption to growing markets like Latin America and Africa. Singapore-based VC firm NGC Ventures also launched a $100-million fund dedicated to high potential Web3 projects and metaverse economies. According to experts, blockchain and not crypto, is the underlying reason for these investments, with crypto being one of the use cases of the blockchain. Read details here

Invest
Crypto giant FTX ready with billions of dollars for acquisitions

Fast-growing crypto exchange FTX is prepared to spend billions of dollars to buy stakes in other companies as it looks to grow the suite of products it offers customers, according to the firm’s chief executive officer. Billionaire Sam Bankman-Fried, who’s also the firm’s co-founder, said on Friday that recent rounds of fundraising by FTX and its US entity — totaling more than $2 billion — could be used to bankroll the moves. “FTX is a profitable company,” he said in an interview. “You can look at the amount that we’ve raised over the last year or two — it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.” Take a look

Analysis
Battered DeFi investors put their hopes in Ethereum revamp

Decentralized-finance investors are betting on Ethereum’s revamp to help thaw out the market’s more than two-months-long crypto winter. The DeFi sector, where investors earn yields by trading and staking cryptocurrencies without centralized intermediaries, has declined sharply following the collapse of the TerraUSD stablecoin, and as soaring inflation puts the Federal Reserve on a path of monetary tightening. The Ethereum “Merge,” one of the most significant technical upgrades to the blockchain since its inception in 2015, may be one of the few catalysts that could give DeFi a much-needed lift. Despite multiple delays, core developers have made major progress and Ethereum co-founder Vitalik Buterin has said the upgrade is set to take place in August. Read more here
The Week on Dalal Street | Weekly wrap of market trends, stock moves & what to look out for!
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