Cryptocurrency Prices Today May 7: Bitcoin down, Ethereum biggest loser

Representative image

Representative image

Cryptocurrencies traded in the red early today on May 7. The global crypto market-cap is $ 1.65 trillion, a 0.92 percent decrease over the last day. The total crypto market volume over the last 24 hours is $ 93.61 billion, which makes a 17.85 percent decrease.

The total volume in DeFi is currently $ 9.81 billion, 10.48 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $ 85.10 billion, which is 90.90 percent of the total crypto market 24-hour volume.

Bitcoin’s price is currently Rs 29.04 lakh, with a dominance of 41.47 percent. This was a 0.03 percent increase over the day, according to data from CoinMarketCap.

In major developments, the United States on May 6 imposed sanctions on virtual currency mixer Blender, accusing it of being involved in one of the largest cryptocurrency heists on record and being used by North Korea, the US Treasury Department said.

The Treasury also identified new virtual currency addresses it said were used by North Korean hacking group Lazarus to launder illicit proceeds, accusing it of stealing hundreds of millions of dollars’ worth of cryptocurrency tied to popular online game Axie Infinity.

“We are taking action against illicit financial activity by the DPRK (North Korea),” Brian Nelson, the Treasury’s undersecretary for terrorism and financial intelligence, said in the statement.

In corporate news, Binance Holdings has committed $ 500 million for Elon Musk’s proposed takeover of Twitter Inc. as part of its strategy to bring social media and news sites into the world of web3.

“We’re excited to be able to help Elon realize a new vision for Twitter,” Changpeng Zhao, chief executive officer of Binance, said in a statement. “We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.”

The deal was part of the $ 7.1 billion of new financing that Musk has secured for his proposed $ 44 billion takeover of Twitter.

Sequoia Capital Fund, Qatar Holding LLC, and Brookfield Asset Management are among other backers in the package. Twitter is a main platform for online discourse by the crypto community.

As off 8.00 am on May 07, these are the prices of largest cryptocurrencies (data from WazirX):

Bitcoin 29,04,386 -1.99%
Ethereum 2,16,000.1 -3.51%
Tether 80.73 -0.12%
Cardano 63.0999 -1.87%
Binance Coin 30,558.89 0.02%
XRP 48.2900 -2.44%
Polkadot 1,145.80 -2.47%
Dogecoin 10.3412 -0.21%

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