![]() ![]() The month also saw Binance, the world’s largest cryptocurrency exchange by trading volume, has been granted approval from French regulators to operate its cryptocurrency exchange in France. The company still holds a total of 129,218 bitcoins, acquired for $3.97 billion, reflecting an average cost per bitcoin of approximately $30,700, according to company reports. ![]() ![]() This is up 16% from $146.6 million recorded in the previous quarter (Q4, 2021). During the month of May, we saw the altcoin market capitalization trade as low as $621 billion.Īfter that, MicroStrategy, one of the largest institutional holders of Bitcoin on its balance sheet, took a non-cash digital asset impairment charge of $170.1 million in the first quarter of 2022. The altcoin market experienced similar declines, losing 28.92% in May, from approximately $988 billion to currently stand at $702 billion at the end of the month. The cryptocurrency market capitalization traded as low as $1.15 trillion in the month of May, with many fearing the market could be losing its trillion-dollar status. The cryptocurrency market capitalization, as you would expect, declined by 24.34% for the month, from $1.73 trillion at the start of the month, to end the month at $1.31 trillion. Bitcoin’s market dominance ended the month at 46.24%, up by 3.98% from the 42.26% seen at the beginning of the month. Bitcoin traded at a peak of $39,902.95 at the beginning of the month, however, in the last two weeks of the month, we witnessed a significant decline in the market that sent Bitcoin to trade below the $30,000 zone. It began trading from $37,714.88 at the beginning of the month and ultimately ended the month at $31,792.31, representing a 15.70% loss. The month ended up being a bearish month for the cryptocurrency space as the flagship cryptocurrency asset, Bitcoin traded as low as $26,350.49 on the 12th day of the month, marking a new yearly low for the asset. The cryptocurrency space in the month of May 2022, will definitely be remembered by the cryptocurrency community as the market was plagued with a rollercoaster of negative headlines that cast a dark shadow over the future of the market and investor confidence. ![]()
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