Bitcoin
fell over 2% in the last 24 hours, with crypto hovering below and above
$30,000, with global equity markets remaining under pressure. Currently, the
rate is close to the $30,000 mark and has plunged more than 50% below its
November 10 all-time high of $69,000. 

The extreme volatility in the global cryptocurrency
market is slowing down, with its value remaining flat over the past few days as
major tokens have not been showing much movement. This comes days after the
crypto market saw a huge plunge, with crypto coins losing as much as 30% o
their values in a single day.

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According to data, the global cryptocurrency market cap
on May 18, was at $1.29 trillion, down by 1.44% in the last 24 hours, prompted
by slight downfalls in some cryptocurrencies.

Bitcoin fear and greed index on Wednesday, May 18, 2022,
went from the extreme fear level of 8 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.

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Bitcoin is currently trading at $29,801.68, up by 2.62%.
In the last 24 hours, the highest it touched was $30,694.49 and the lowest was
$29,570.30. Bitcoin has a current market cap of $567,646,173,637. It has a
circulating supply of 19,043,043.00 BTC coins and a maximum supply of
21,000,000 coins.

South Korea considering new licensing system for crypto 

South Korea’s Financial Services Commission (FSC) has
issued a report, which recommends the domestic crypto industry adopt a
licensing system for exchanges and token issuers as a way of protecting
investors.

Also Read | SEBI proposes banning celebrity endorsement of cryptos

The report also calls for new regulations to mitigate
insider trading, pump-and-dump schemes and wash trading. The new regulations
would be stricter, and the penalties for failure to comply would be harsher
than those in the Capital Markets Act that the domestic crypto industry
currently abides by.

“The Comparative Analysis of the Virtual Property
Industry Act” report suggests establishing a licensing system that would apply
to coin issuers such as companies that manage initial coin offerings (ICOs) and
crypto exchanges. Varying degrees of licenses would be issued based on the risk
involved.

Also Read | How North Korea is bribing South Koreans with crypto for military secrets

Regulating coin issuers through a licensing system is
considered to be the “most urgently needed protection” in the market today.