Bitcoin
prices were flat on Wednesday and trading above the $31,000 mark. Bitcoin broke
its consolidation and revived a bit after a long bearish trend. The recent
selling pressure has eased up and Bitcoin has topped the $31,000 mark with
volume almost doubling in the last 24 hours. This shows the renewed interest in
the digital asset market.

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The global cryptocurrency market cap was trading at $1.30
trillion, down 0.58% in the last 24 hours. However, the total cryptocurrency 24
hours trading volume is $84.12 billion. After two straight sessions of gains,
the crypto cart saw some profit booking on Wednesday as investors took
advantage of a healthy rise to take some money off the table. Some investors
might see it as a short-term recovery as they are cautious about any long-term
bounce in the digital token market amid ongoing inflationary concerns and
recession worries.

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Bitcoin fear and greed index on Wednesday, June 1, 2022,
went from the extreme fear level of 16 to the level of 17 as per the
alternative. me. The Fear and Greed index is a technique for assessing
investors’ emotions toward the market.   

Bitcoin is currently trading at $31,546.49, down by
0.33%. In the last 24 hours, the highest it touched was $32,249.86 and the
lowest was $31,286.15. Bitcoin has a current market cap of $601,200,677,451. It
has a circulating supply of 19,055,275.00. BTC coins have a maximum supply of
21,000,000 coins.

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Shiba Inu founder deletes all tweets, blogs

The founder of meme coin Shiba Inu, who goes under the
pseudonym Ryoshi, has deleted all tweets and the cryptocurrency’s blog posts
from the Twitter handle, including the first one- ‘All Hail the Shiba’. Shiba
Inu’s founder goes by the name Ryoshi, but very little else is known about the
cryptocurrency creator. SHIB was first created in August 2020 as a
decentralized meme token. After its release, Ryoshi gave 50% of all SHIB to
Ethereum co-founder Vitalik Buterin. Buterin has donated his collection of
SHIB, alongside burning 410 trillion SHIB in the process. Ryoshi also created
LEASH – another cryptocurrency within the Shiba Inu ecosystem.

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UK government seeks to regulate stablecoins after Terra
fiasco

Following the collapse of the digital currency Terra
LUNA, which erased $40 billion worth of investors’ money, the UK government has
issued a consultation paper on stablecoins to reduce financial stability issues
that may materialize in a firm that has reached systematic scale failure. In
January 2021, the Treasury issued a consultation and call for evidence inviting
views from stakeholders on the UK regulatory approach to crypto-assets and
stablecoins.