Top Cryptocurrency prices today, May 30, 2023: Bitcoin and other top cryptocurrencies witnessed some profit booking and were trading in red on Tuesday, May 30. The previous day's post-debt ceiling agreement rise came to an end as traders became perplexed by crypto currencies' narrative issues.
After a weekend gain, Bitcoin fell on Tuesday, returning to the red as the biggest cryptocurrency fell under the USD 28,000 threshold by approximately 1%. But despite being in the red, Ethereum, its biggest rival, managed to maintain the USD 1,900 levels. Blue-chip tokens and other currencies both experienced lower trade.
In the past 24 hours, there has been a modest correction in the price of cryptocurrencies. The fear and greed index for cryptocurrencies is still at 51 points, which is a neutral level. Market volatility may occur as the US debt ceiling discussions progress and last until the final vote's findings are made public, according to Shubham Hudda of CoinSwitch Desk.
The Hong Kong Licenced Virtual Assets Association (HKLVAA) and Web3 Harbour have both been established, according to the Hong Kong Web3 industry. The new organisations seek to foster the expansion and development of the decentralised internet and the virtual asset sector, he said.
All other major cryptocurrency coins were trading lower on Tuesday, with a few notable outliers. While Tron and Avalanche both saw a 2% reduction, Polygon fell by 3%. BNB and Shiba Inu both had a 1% easing. Among the gainers, XRP increased by more than 3%, while Solana and Litecoin both increased by approximately 1%.
In the last 24 hours, the market capitalization of all cryptocurrencies fell by less than 1%, falling as low as USD 1.16 trillion. The total trade volume did, however, decline more than 10% to USD 29.01 billion.
BITCOIN: Bitcoin is a decentralized digital currency that revolutionized the world of finance and introduced a new era of peer-to-peer transactions. Created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto, Bitcoin operates on a technology called blockchain, which ensures transparency, security, and immutability of transactions. Unlike traditional currencies issued by central banks, Bitcoin is not controlled by any government or financial institution. It offers individuals the freedom to send and receive funds globally without the need for intermediaries, while its limited supply and cryptographic features make it resistant to inflation and fraud. As the first and most well-known cryptocurrency, Bitcoin has gained widespread adoption, attracting both enthusiasts and investors seeking a decentralized and borderless financial system.
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