Most cryptocurrencies traded in the green early on May 16. The global crypto market cap is $1.31 trillion, a 3.02 percent increase over the last day. The total crypto market volume over the last 24 hours is $76.98 billion, which makes a 11.49 percent decrease.
The total volume in DeFi is currently $10.25 billion, 13.31 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $68.32 billion, which is 88.75 percent of the total crypto market 24-hour volume.
Bitcoin’s price is currently Rs 24.7 lakh The dominance of the world’s largest cryptocurrency is currently 44.34 percent, a decrease of 0.24 percent over the day.
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In other news, top officials of the RBI have told a parliamentary panel that cryptocurrencies can lead to “dollarisation” of a part of the economy which would be against India’s sovereign interest
Briefing the Parliamentary Standing Committee on Finance chaired by former minister of state for finance Jayant Sinha, top officials of the RBI, including its governor Shaktikanta Das, expressed their apprehensions about cryptocurrencies and said these pose challenges to the stability of the financial system, sources told PTI.
“It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” a member of the panel quoted RBI officials as saying.
As of 8.20 am on May 16, these are the prices of largest cryptocurrencies (data from WazirX):
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NAME
PRICE (INR)
24H %
Bitcoin
24,70,230
2.28%
Ethereum
1,69,331
2.89%
Tether
81.19
0.13%
Cardano
48.0000
13.79%
Binance Coin
24,600.00
4.83%
XRP
35.2214
3.44%
Polkadot
917
3.33%
Dogecoin
7.3132
2.69%
