Crypto Market Recovers From Crash, Trade Volume Jumps 800%

Crypto Police is alarmed

Major Cryptoassets By Percentage of Total Market Capitalization- CoinMarket Cap

Global crypto market capitalization jumped to $1.32 trillion, a 9.41% increase over the previous day.

The total crypto volume over the last 24 hours is $2.12 trillion, which means an increase of over 800%. (Cornmarket Cap)

After the crash of terra luna’s price, terra labs halted the blockchain so the network does not get engulfed by rivals.

Terra labs tweeted, “Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes.”

Name                          Price                    PercentageBitcoin                   $25,24,749                      5.51%
Ethereum $2,053.10 8.17%

Bitcoin, the world’s largest, best-known currency is currently $29,854.10 with a dominance of 44.49%. Bitcoin is up 5.51% in the last 24 hours.

Ethereum blockchain network, price is up to $2,053.10, increased 8.17% in the last 24 hours

The trading volume of Defi is currently $11.22 Billion, soars up to 9.11% of the total crypto market 24-hour volume.

The trading volume of total stable coins is now $109.37 Billion, which is 88.76% of the total crypto market 24-hour volume.

Global market regulators are focused to launch a joint committee to coordinate cryptocurrency rules and regulations within a year.

The chair of the International Organization of Securities Commissions (IOSCO) Ashley Alder, said the boom in digital currencies such as bitcoin is one of the 3 main areas institutes are focused on, alongside the climate crisis and covid pandemic.

“If you look at the risks we need to address, they are multiple and there is a wall of worry about this (crypto) in the conversations at an institutional level.”

Mr. Ashley is utterly right, the lack of transparency and cyber security loopholes in the crypto world is the most crucial setbacks. Market regulators should focus on these issues.

Recent, huge volatility, dumps, and pumps have alarmed the crypto police. We might see unexpected outcomes in the coming months in the world of crypto.

Rabinder Kumar

May 2022

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