Bitcoin prices fell around 1% on Friday and plunged below
the $30,000 level falling back to the middle of the narrow range where it’s
been since mid-May. Bitcoin has been trading around the $30,000 level for weeks
now, defying predictions of a potential further decline but also struggling to
gain upward momentum as the broader US market has also taken a beating. The
digital token is down over 35% so far this year, and trading over 50% below its
record high of $69,000 it had hit in November 2021.

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Investor concerns about tighter monetary policy and
strict regulations have duelled with optimism that Bitcoin may have found a
bottom to keep the cryptocurrency in a tight range of around $30,000.

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The global cryptocurrency market cap was at $1.24
trillion, down 0.29% in the last 24 hours. However, the total cryptocurrency 24
hours trading volume is $58.62 billion. Major crypto tokens were trading in red
but prices remained in a tight range. Crypto prices, which have largely
correlated to stocks, again joined major indices. Increasing inflationary
worries and looming fears of the recession continued to weigh on investor
sentiments and cryptos are struggling to weigh on investor sentiments and
cryptos are struggling to get them over them.

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Bitcoin fear and greed index on Friday, June 10, 2022,
went from the extreme fear level of 11 to the level of 13 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 $30,104.49, down by
1.01%. In the last 24 hours, the highest it touched was $30,609.31 and the
lowest was $29,932.91. Bitcoin has a current market cap of $573,752,586,020. It
has a circulating supply of 19,063,437.00. BTC coins have a maximum supply of
21,000,000 coins.

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Cryptos akin to ‘a world of Caribbean pirates’ in absence
of regulation says CEA

Chief Economic Advisor Anantha Nageswaran said
cryptocurrencies are akin to ‘a world of Caribbean pirates’ in the absence of a
centralized regulatory authority and are yet to pass the test of a fiat
currency. 

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He said that the government is pursuing a ‘high-wire
balancing act’ to ensure that the gains in growth, inflation, and rupee
stability of the last four are not frittered away. The recent development in
Terra-Luna cryptocurrency, which witnesses a massive meltdown last month, is a
‘very important cautionary tale,’ he added.