Bitcoin
plunged over 4% in the last 24 hours and is trading near the $29,000 mark as
the collapse of the TerraUSD algorithmic stablecoin triggered a selloff in
cryptocurrencies. Bitcoin is down 36% this year and trading far below its
November 10 all-time high of $69,000.

“The 4-hourly trend for BTC is moving
within a triangle pattern. Immediate support for BTC is expected at $24,000.
The market sentiment continues to remain in the ‘extreme fear’ zone. A buying
momentum and a trend reversal could soon change that,” said WazirX’s Trade
Desk.

Also Read | Top 5 cryptocurrencies of the day: BTC down by 4%, Wrapped BTC trends at no. 1

The global cryptocurrency market cap was trading at $1.26
trillion, falling nearly 4% in the last 24 hours. However, the total
cryptocurrency 24 hours trading volume is $81.48 billion.

Cryptocurrencies have been swept up in a sell-off this
year in risk assets, which has picked up steam as official data showed soaring
US inflation and rising investor fears about the economic impact of aggressive
central bank policy. Since April, the crypto market has lost billions of
dollars in market value.

Also Read | Crypto Fear and Greed Index on Tuesday, May 24, 2022

Bitcoin fear and greed index on Tuesday, May 24, 2022,
went from the extreme fear level of 10 to the level of 12 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 $29,351.92, down by
3.86%. In the last 24 hours, the highest it touched was $30,547.50 and the
lowest was $28,975.56. Bitcoin has a current market cap of $558,991,158,356. It
has a circulating supply of 19,047,981.00. BTC coins have a maximum supply of
21,000,000 coins.

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‘Coin’ in Bitcoin name doesn’t make it money, says IMF
chief Kristalina Georgieva

Speaking at a session on central bank digital currencies
at the World Economic Forum Annual Meeting, IMF chief Kristalina Georgieva
cautioned against confusing crypto products with currencies and said anything
not backed by a sovereign guarantee can be an asset class but not a currency,
as she stated that Bitcoin cannot be ‘money’ just because it has got ‘coin’ in
its name.

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She added that crypto products may be offering faster
services at a much lower cost and better inclusivity, but for that also there
was a need to separate apples from bananas and regulation would be key there.

Coinbase offers ‘thousands of tokens’ in expanded swap service

Coinbase has added BNB Chain (formerly Binance Smart Chain) and Avalanche to its list of supported networks where users can swap and store cryptocurrencies. According to the May 24 blog post from the exchange, the added functionality will provide access to “thousands of tokens” which constitute a “greater variety than most traditional centralized exchanges can offer.”

The addition of BNB Chain (BNB) and Avalanche (AVAX) brings the total supported networks to four, including Ethereum (ETH) and Polygon (MATIC).