Crypto news daily: Bitcoin data and price analysis for August 1, 2022

Bitcoin prices fell nearly 2% and traded below the $24,000
level on Monday, following muted trading volumes over the weekend. Investors turned
anxious amid signs that the economy was slowing down. The digital token is down
over 50% so far this year and trading over 70% below its record high of $69,000
it had hit in November 2021.

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The global cryptocurrency market cap was at $1.086
trillion, down 0.94% in the last 24 hours. However, the total cryptocurrency 24
hours trading volume is $71.30 billion.

The Bitcoin fear and greed index on Monday, August 1, 2022,
went from the fear level of 39 to the level of 33 as per the alternative. me.
The Fear and Greed index is a technique for assessing investors’ emotions
toward the market.

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Bitcoin is currently trading at $23,319.59, down by 1.79%.
In the last 24 hours, the highest it touched was $24,121.64 and the lowest was
$23,162.00. Bitcoin has a current market cap of $445,568,321,176. It has a
circulating supply of 19,109,168.00. BTC coins have a maximum supply of
21,000,000 coins.

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Jewelry brand Tiffany and Co launches $50K CryptoPunk
necklaces

Luxury jewelry brand Tiffany and Co is launching a series of
NFTs. The company hinted at its upcoming sale, set to begin August 5, by
releasing a video of a pixelated grid revealing, NFTiff. The company is selling
250 customized, diamond-encrusted pendant necklaces for 30 ETH (around $50,000)
a pop to holders of the famed collection. Each necklace will include a
combination of 30 diamonds and gemstones, according to Tiffany’s website.

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The necklaces are only available for CryptoPunk holders to
purchase in the form of NFTs redeemable for the physical necklaces. Tiffany’s
will earn over $12 million from the sale’s sellout, standing to make even more
profit from resale royalties. The release comes as a tie-up with the crypto
startup Chain, which is responsible for the launch’s back end.

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CoinFLEX announces staff cuts amid cost-cutting push

Crypto exchange CoinFLEX said that it has let go a
significant number of employees from various departments and geographic
locations as part of measures to reduce the company’s costs by 50% to 60%. The remaining
team members will focus on product and technology, and the exchange said it
would consider scaling as “volume comes back”.

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“The intention is to remain right-sized for any entity
considering a potential acquisition of or partnership opportunity with
CoinFLEX,” co-founders Sudhu Arumugam and Mark Lamb said in the blog post.
The exchange will provide an update this week as it seeks to raise votes from
depositors. CoinFLEX cited legal and accounting procedures for the delay in the
process.