Cryptocurrency Prices Today May 4: Bitcoin, Ethereum, Dogecoin drop up to 2%
Major cryptocurrencies traded in red early on May 4, as the global crypto market cap declined 1.17% to s $1.72 trillion. The total crypto market volume dropped 15.36 percent to $72.09 billion over the last 24 hours.
The total volume in DeFi stood at $7.71 billion, which is 10.69 percent of the total crypto market 24-hour volume, while the volume of all stable coins made up 84.76 percent at $61.11 billion.
Bitcoin’s dominance decreased marginally by 0.10 percent to 42.08 percent over the day, according to the data by CoinMarketCap. The world's largest cryptocurrency traded at Rs 30,74,349 levels.
The U.S. Securities and Exchange Commission (SEC) said on May 3 it will add 20 positions to its enforcement unit for crypto markets in its push to curb fraudulent activities in the hot digital space. The securities regulator said the division will be renamed the "Crypto Assets and Cyber Unit" and will have a total of 50 employees.
The SEC said the revamped unit will focus on preventing fraud that uses crypto asset offerings, crypto asset exchanges, crypto asset lending and staking products, decentralized finance platforms, non-fungible tokens and stablecoins.
Much of crypto trading is based in offshore jurisdictions and operates in a regulatory gray area, with no centralised system of oversight. Trading can bypass the traditional gatekeepers of finance, such as banks and exchanges.
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