Cryptocurrency Prices Today May 8: Bitcoin down, Polkadot biggest loser as cryptos trade in red

moneycontrol.com:

Cryptocurrencies traded in the red early on May 8. The global crypto market cap stood at $1.60 trillion, a 3.36 percent decrease over the last day. The total crypto market volume over the last 24 hours reached $80.16 billion, marking a 12.97 percent drop.

The total volume in DeFi stood at $9.10 billion, 11.35 percent of the total crypto market 24-hour volume. The volume of all stable coins at $74.84 billion was 93.35 percent of the total crypto market 24-hour volume.

Bitcoin's price was pegged at Rs 28.08 lakh, with a dominance of 41.60 percent. This was a 0.12 percent increase over the day, according to data from CoinMarketCap.

In domestic news, Union Finance Minister Nirmala Sitharaman on May 7 flagged anonymity as an "inherent risk" in blockchain technology and called for taking precaution in future with a rise in the use of this technology.

The finance minister made it clear that using the distributed ledger technology (DLT), which is also called as blockchain, is absolutely imperative and the government also supports the use of the same.

The minister's remarks come ahead of the launch of the budgetary announcement of central bank digital currency (CBDC) which is based on the blockchain technology itself and is billed as being similar to the paper currency carried in our wallets.

"The anonymity is what … one unknown element in this whole thing. The anonymity of the person or whoever or the robot is the one which we have to be absolutely readying ourselves as a future challenge, Sitharaman said, addressing an NSDL event.

In international news, California, which would have the world's fifth-largest economy if it was a country, became the first United States state to formally begin examining how to broadly adapt to