May 20: Crypto markets saw some growth over the past 24 hours, with all of the top ten cryptocurrencies listed on Coinmarketcap currently in the green and total market capitalization approaching $392 bln.
Market visualization from Coin360
Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum price chart. Source: Cointelegraph Ethereum Price Index
Total market cap is around $392, slowly recovering after it dropped to as low as $361 on May 18.
Total market capitalization chart. Source: CoinMarketCap
The crypto markets overall have seen a drop of around 10 percent during this week’s Consensus conference, instead of a boost that was predicted by some analysts, such as Fundstrat’s Tom Lee. In the wake of the decline, Lee commented that the crypto industry lacks the “trifecta of progress” in the form of institutional tools, support from banks, and regulatory clarity.
Earlier this week, Ethereum Foundation advisor William Mougayar, claimed that regulators lack a fundamental understanding of cryptocurrencies, with particularly the US Securities and Exchange Commission (SEC) lacking an understanding of the core nature of the industry and trying to apply a one-size-fits-all approach.
May 18, Cointelegraph reported that the Supreme Court of India has ruled that no complaints can be filed in any High Court of India against the Reserve Bank of India’s (RBI) recent ban on banks servicing crypto-related accounts.