Bitcoin jumped over 3% in the last 24 hours and is trading
above the $30,000 mark. It is down 36% this year and trading far below its
November 10 all-time high of $69,000. After a slow trading session over the
weekend, major crypto tokens were back in the green on Monday but gains were
limited. The crypto market is still in the bear phase, with no end in the near
term.

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The global cryptocurrency market cap was trading higher
at the $1.31 trillion mark, jumping nearly 4% in the last 24 hours. However,
the total cryptocurrency trading volume rallied more than 30% to $67.77
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.

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Bitcoin fear and greed index on Monday, May 23, 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 $30,474.36, up by 3.60%.
In the last 24 hours, the highest it touched was $30,590.59 and the lowest was
$29,414.63. Bitcoin has a current market cap of $580,461,230,202. It has a
circulating supply of 19,047,093.00. BTC coins have a maximum supply of
21,000,000 coins.

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Crypto is worth nothing and should be regulated says EU’s
Christine Lagarde

European Central Bank President Christine Lagarde said
crypto-currencies are “based on nothing” and should be regulated so that people
stop speculating them with their life savings. People “who have no
understanding of the risks, who will lose it all and who will be disappointed,
which is why I believe that that should be regulated,” she told Dutch
television.

Lagarde added that she’s sceptical of crypto’s value,
contrasting it with the ECB’s digital euro — a project that may come to
fruition in the next four years. “My very humble assessment is that it is worth
nothing, it is based on nothing, there is no underlying asset to act as an anchor
of safety,” she said.

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Former BitMEX CEO Arthur Hayes sentenced to 2 years
probation

Former BitMEX CEO Arthur Hayes was sentenced to two years
of probation, with home detention for six months and location monitoring, in a
federal courthouse in New York. In February, Hayes had pleaded guilty to
charges he willfully failed to implement an anti-money laundering (AML) program
at the exchange.

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 Hayes, a longtime
resident of Singapore, will be given 30 days to decide where in the United
States he will serve his home detention. After spending 14 years in Asia, Hayes
recently bought a home in Miami, but his lawyer said that he has no community
in Florida and might wish to do his home detention elsewhere.

With friends and family members in the courtroom behind
him, Hayes told the judge he took “full responsibility” for his actions. “I
deeply regret that I had a part in this criminal activity. My best years are
ahead of me. … I am ready to turn the page and start again. I ask that you
allow me to return home, deeply remorseful and able to start the next chapter
of my life,” said Hayes.