Bitcoin
surged more than 5% in the last 24 hours and is trading above the $30,000 mark.
After a strong recovery seen over the weekend, the cryptocurrency market
extended gains in the new week. However, market analysts are anticipating the
weak movement to continue in the digital market. Bitcoin has tumbled more than
50% below its November 10 all-time high of $69,000.

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The global cryptocurrency market cap was trading at $1.27
trillion, surging 5.59% in the last 24 hours. However, the total cryptocurrency
24 hours trading volume is $64.67 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 Monday, May 30, 2022

Bitcoin fear and greed index on Monday, May 30, 2022,
went from the extreme fear level of 14 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 $30,646.04, up by 5.70%.
In the last 24 hours, the highest it touched was $30,723.20 and the lowest was
$28,963.16. Bitcoin has a current market cap of $583,913,821,899. It has a
circulating supply of 19,053,343.00. BTC coins have a maximum supply of
21,000,000 coins.

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Crypto exchange FTX ready with billions of dollars for
acquisitions

Fast-growing crypto exchange FTX is prepared to spend
billions of dollars to buy stakes in other companies as it looks to grow the
range of products it offers, according to the company’s chief executive
officer. Billionaire Sam Bankman-Fried, the firm’s co-founder said that recent
rounds of fundraising by FTX and its US company, amounting to more than $2
billion, could be used to bankroll moves. “FTX is a profitable company,” he
said in an interview. “You can look at the amount that we’ve raised over the
last year or two – it’s a few billion dollars. That gives maybe a sense of
where we are in terms of cash that was explicitly viewed from a potential
acquisition angle”. 

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Battered DeFi investors put their hopes in Ethereum revamp

Decentralized finance investors are expecting Ethereum’s
revamp to help thaw out the market’s more than two-month-long crypto winter.
DeFi, the market where investors earn returns by trading and staking
cryptocurrencies without centralized intermediaries, has fallen sharply
following the collapse of TerraUSD, and as inflation puts the Federal Reserve
on a path of monetary tightening. The Ethereum “Merge,” one of the most crucial
technical upgrades to the blockchain since its launch in 2015, maybe one of the
few catalysts that could give DeFi a much-needed lift. Despite several delays,
core developers have made major progress and Ethereum co-founder Vitalik
Buterin has said the upgrade is set to take place in August.