Cryptocurrency Prices Today May 25: Bitcoin up, Binance Coin biggest gainer
Major cryptocurrencies traded in the green early on May 25 as the global crypto market cap increased 2.29 percent to $1.29 trillion over the last day. On the other hand, the total crypto market volume over the last 24 hours dropped 14.56 percent to $71.64 billion.
The total volume in DeFi stood at $7.98 billion, 11.14 percent of the total crypto market 24-hour volume. The volume of all stable coins was $62.83 billion, which is 87.71 percent of the total crypto market 24-hour volume.
Bitcoin traded above Rs 24 lakh. The market dominance of world's largest cryptocurrency rose 0.25 percent to 44.46 percent over the last day, according to data from CoinMarketCap.
In India, the Reserve Bank of India (RBI) has been cautioning investors and the government against cryptocurrencies and continues to maintain its position, more so amid the current crypto market crash, said governor Shaktikanta Das.
In an exclusive interview with CNBC-TV18, Das said, "We have been cautioning against crypto and look at what has happened to the crypto market now. Had we been regulating it already, then people would have raised questions about what happened to regulations. This is something whose underlying (value) is nothing. There are big questions on how do you regulate it. Our position remains very clear, it will seriously undermine the monetary, financial and macroeconomic stability of India."
Das also believes that the government too seems to be in sync with the regulator's stance that cryptocurrencies have no underlying value.
On the international side, The European Central Bank (ECB) said cryptos will pose a risk to financial stability if the emerging sector maintains its rapid growth of the last two years and financial firms deepen their involvement, Reuters reported.
The ECB in its biannual financial stability review said exposure to crypto by banks and other financial institutions on a wide scale could put capital at risk and damage investor confidence, lending and financial markets.
"Systemic risk increases in line with the level of inter-connectedness between crypto-assets and the traditional financial sector," it said.
As off 8.42 am on May 25, these are the prices of largest cryptocurrencies (data from WazirX):