Bitcoin
surged over 5% on Friday and traded above the $30,000 mark around which it has
been trading for the past few days. Cryptocurrencies have increasingly been
influenced by fluctuations in tech stocks. Since March 2020, there has been a
strong positive correlation between Bitcoin and the Nasdaq 100, with the
relationship intensifying in this year’s selloff.

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The global cryptocurrency market cap was trading at $1.28
trillion, up by 4.42% in the last 24 hours. However, the total cryptocurrency
24 hours trading volume is $59.41 billion. The crypto market is trading higher
on Monday, despite the stablecoins facing severe scrutiny. Investors were
nervous as they waited for clear signs about the direction of inflation and the
global economy. 

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Bitcoin fear and greed index on Monday, June 6, 2022,
went from the extreme fear level of 10 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.   

Bitcoin is currently trading at $31,288.54, up by 5.46%.
In the last 24 hours, the highest it touched was $31,342.18 and the lowest was
$29,574.45. Bitcoin has a current market cap of $596,552,390,974. It has a
circulating supply of 19,059,450.00. BTC coins have a maximum supply of
21,000,000 coins.

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Coinbase extends hiring freeze and rescinds some accepted
offers

Coinbase Global Inc will extend its hiring freeze for the
inevitable future and revoke several accepted offers to deal with current
macroeconomic conditions, the company said in a blog post. Coinbase earlier
froze hiring for two weeks as fears of rising interest rates rocked the
cryptocurrency market. Now, the crypto exchange says it will pause hiring “for
as long as this macro-environment requires.”

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“We always knew crypto would be volatile, but that
volatility alongside larger economic factors may test the company, and us
personally, in new ways,” said L.J. Brock, Coinbase’s chief people officer, in
the blog post.

India’s Terra investors lost big, now they face taxes

Terra investors around the globe lost billions of dollars
when the algorithmic-stablecoin project collapsed but they recovered a small
portion of their bets when a new token was distributed as compensation.
Investors in India aren’t so fortunate as the country’s tax system is punitive
to crypto investing.

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TerraUSD and Luna token holders who got the new coin, Luna
2.0, in a so-called airdrop face a double blow. They could be taxed as much as
30% of the value of tokens received and they won’t be able to offset any gains
in the new token against losses from the previous one, said tax experts. There
were more than 160,000 investors that held Luna on the exchange on May 9 and by
May 15 the number rose by 77% in India, said Rajagopal Menon, vice president at
Binance-owned WazirX.