Bitcoin fell nearly 1% in the last 24 hours, after
recovering more than 2% to $30,407. At the moment the rate is close to the
$30,000 mark and has tumbled more than 50% below its November 10 all-time high
of $69,000. The crash of algorithmic stablecoin Terra USD and its sister token
LUNA wiped out more than $270 billion of the crypto sector’s total trillion-dollar
value. The weekly net change in Bitcoin volatility was the highest in the two
years, according to Bloomberg data.

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

Bitcoin fear and greed index on Monday, May 16, 2022,
went from the extreme fear level of 10 to the level of 14 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 $29,770.81, down 0.24%.
In the last 24 hours, the highest it touched was $31,308.19 and the lowest was
$29,412.58. Bitcoin has a current market cap of $567,137,640,880. It has a
circulating supply of 19,041,231.00 BTC coins and a maximum supply of
21,000,000 coins.

Also Read | Crypto Fear and Greed Index on Monday, May 16, 2022

RBI says cryptocurrencies could lead to dollarization of
economy: Report

Top officials of the Reserve Bank of India (RBI) have
told a parliamentary panel that cryptocurrencies can lead to the
“dollarization” 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, reported PTI.

Also Read | India’s wheat export ban forces Ukraine to find new routes, defying Russia

Amid the “crypto crash” last week, a central bank
official said cryptocurrencies have the potential to become a medium of
exchange and replace the rupee in financial transactions both domestic and
across the border.

“It will seriously undermine the RBI’s capacity to
determine monetary policy and regulate the monetary system of the country. It
could replace a part of the monetary system undermining RBI’s capacity to
regulate the flow of money in the system,” RBI officials said.

RBI officials reiterated their “institutional view
that cryptocurrencies should be banned”.