Crypto news daily: Bitcoin data and price analysis for June 23, 2022
- Bitcoin is currently trading at $20,592.09, up by 1.97%
- Bitcoin fear and greed index on June 23, went to the extreme fear level of 11
- Shopify introduces an NFT-gated option for online retailers
Bitcoin prices rose over 1% and traded above the $20,000 level after a turbulent week saw the world’s largest cryptocurrency plunge below the $20,000 level for the first time since 2020. The digital token is down over 52% so far this year, and trading over 70% below its record high of $69,000 it had hit in November 2021.
Cryptocurrencies had been moving for past months in the same direction as stocks as investor appetite for risk assets faded on growing concerns about an economic downturn. Several Bitcoin investors have been selling in this environment as prices continued to fall over the past few months. The coin over the weekend dropped around $17,700, the lowest level since the end of 2020. Overall, digital-asset investment products saw outflows of around $39 million last week, with total assets now at their lowest level since February 2021, according to Coinshares data.
The global cryptocurrency market cap was at $906.25 billion, up 2.34% in the last 24 hours. However, the total cryptocurrency 24 hours trading volume is $64.97 billion. Most cryptocurrencies were trading in a tight range amid fears globally over high inflation and the likelihood of the US economy plunging into recession.
Bitcoin fear and greed index on Thursday, June 23, 2022, went from the extreme fear level of 11 to the level of 11 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 $20,592.09, up by 1.97%. In the last 24 hours, the highest it touched was $20,835.75 and the lowest was $19,848.08. Bitcoin has a current market cap of $392,845,575,021. It has a circulating supply of 19,074,693.00. BTC coins have a maximum supply of 21,000,000 coins.
GST council to consider sales tax on cryptocurrency next week
GST council will meet next week to consider a goods and services tax (GST) on cryptocurrency transactions, reported Bloomberg. The panel, comprising federal and states finance ministers, is looking to broaden the tax net to track dealings in virtual digital assets in a more effective manner. The GST panel is meeting for two days starting Tuesday, June 28, 2022, in Chandigarh. It is unlikely to finalize a rate in the forthcoming meeting but discussions may be held on placing cryptocurrency in the highest tax bracket of 28%, the report added.
Shopify introduces an NFT-gated option for online retailers
Shopify is leaning toward NFTs as the future of e-commerce. The online shopping major, which allows small businesses to create custom e-commerce stores, is launching NFT-gated storefronts as a new feature for brands looking to make their stores more exclusive, it said on Wednesday. “Invite your community into a world that recognizes and rewards loyalty,” a narrator says in Shopify’s announcement video, which features a skateboarding woman who goes through a pastel portal and turns into a Doodles NFT.