Bitcoin surged over 2% on Thursday and traded above the $30,000 mark after slumping along with the stocks in the previous session, meeting resistance at the $30,000 level around which it’s been trading for the past month.

Bitcoin has only shortly deviated from the $30,000 level since the TerraUSD stable coin fiasco triggered a broad selloff in early May. The world’s largest and most popular token is down over 35% so far this year and trading significantly below the peak of $69,000 it touched in November 2021.

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The crypto market was higher on Friday, but the growth was limited as the looming possibilities of recession and monetary tightening by the US Fed continued to impact the new-age sector.

The global cryptocurrency market cap was trading at $1.25 trillion, up by 1012% in the last 24 hours. However, the total cryptocurrency 24 hours trading volume is $65.76 billion. Analysts have been observing that cryptocurrencies and stocks have been moving in tandem all year. When one goes up on any given day, the other tends to follow, and vice versa. Stocks and Bitcoin have a close relationship, and the relationship is even stronger between the coin and tech stocks, which can sometimes be considered more speculative in the market.

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Bitcoin fear and greed index on Friday, June 3, 2022, went from the extreme fear level of 13 to the level of 10 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading at $30,481.35, up by 1.69%. In the last 24 hours, the highest it touched was $30,633.03 and the lowest was $29,688.38. Bitcoin has a current market cap of $580,750,402,055. It has a circulating supply of 19,056,868.00. BTC coins have a maximum supply of 21,000,000 coins.

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First-ever insider trading case hits the crypto market

A former product manager of Ozone Network (OpenSea), named Nathaneil Chastain has been charged with insider trading in crypto assets. It is the first-ever case of insider trading in the digital asset market. New York-based Chastain is charged with wire fraud and money laundering in connection with a scheme to commit insider trading in non-fungible tokens (NFTs) by using confidential data for his personal financial gains.

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MAS to explore DeFi’s economic potential

The Monetary Authority of Singapore (MAS) has announced ‘Project Guardian,’ in collaboration with the financial industry that seeks to explore the economic potential and value-adding use cases of asset tokenization. Project Guardian, launched by Heng Swee Keat, deputy prime minister and coordinating minister for economic policies, at the Asia Tech X Singapore Summit, will test the feasibility of applications in asset tokenisation and DeFi (decentralized finance) while managing risks to financial stability and integrity.