Bitcoin declined over 5% on Tuesday and traded below the
$30,000 level after trading above the $31,000 level in the past few sessions.
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.

Also Read | Top 5 cryptocurrencies of the day: BTC down by 5%, BNB trends at no. 1

The global cryptocurrency market cap was trading at $1.22
trillion, down 5.34% in the last 24 hours. However, the total cryptocurrency 24
hours trading volume is $80.52 billion. After a decent surge in the previous
session, the crypto cart saw a strong weakness on Tuesday. However, the
movement in the crypto market has been range-bound over the last few days. The
digital tokens are swinging as investors wrestle over attractive pricing and
rising inflationary worries, along with looming fear of economic slowdown.

Bitcoin fear and greed index on Tuesday, June 7, 2022,
went from the extreme fear level of 13 to the level of 15 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 $29,611.97, down by
5.49%. In the last 24 hours, the highest it touched was $31,693.29 and the
lowest was $29,311.68. Bitcoin has a current market cap of $564,390,530,411. It
has a circulating supply of 19,060,537.00. BTC coins have a maximum supply of
21,000,000 coins.

Japan passes stablecoin bill for investor protection

Japan become one of the first developed countries to
introduce legal regulations around stablecoins by way of a legislative bill in
the parliament. The move comes in the light of the recent Terra-UST
collapse
that caused millions of dollars to be wiped off from the crypto
ecosystem. Japan’s parliament passed a bill clarifying the legal status of
stablecoins in the country, defining them as digital money. The new law, which
will come into effect in a year, makes it necessary to link stablecoins to yen
or any other legal tender. Stablecoins must also give the holders the right to
redeem the coins at their face value.