Bitcoin prices fell over 2% and traded slightly below the $21,000 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.

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Cryptocurrencies have suffered this year amid Federal Reserve interest rate hikes and stubbornly high inflation. After crypto’s last two-year hibernation ended in 2020, the industry spiked to around $3 trillion in total assets last November, before falling to less than $1 trillion. Cryptocurrencies had been moving for months in the same direction as stocks as investors’ appetite for risk assets reduced on growing fears about an economic slowdown.

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The global cryptocurrency market cap was at $938.66 billion, down 1.94% in the last 24 hours. However, the total cryptocurrency 24 hours trading volume is $57.45 billion.

Bitcoin fear and greed index on Tuesday, June 28, 2022, went from the extreme fear level of 12 to the level of 10 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 $20,893.45, down by 2.30%. In the last 24 hours, the highest it touched was $21,478.09 and the lowest was $20,577.00. Bitcoin has a current market cap of $398,486,517,235. It has a circulating supply of 19,079,243.00. BTC coins have a maximum supply of 21,000,000 coins.

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Crypto exchange CoinFlex to launch new recovery token after withdrawal freeze

Cryptocurrency exchange CoinFlex is planning to raise funds by issuing a new token that will offer a 20% annual return, in an effort to resume withdrawals after a client failed to repay a $47 million debt. The exchange said it will start to issue $47 million of what it calls “Recovery Value USD” tokens. The resumption of withdrawals, targeted for June 30, will depend on the level of demand for the new tokens. The token sale is eligible only to non-US, sophisticated investors, it said in a statement.

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Voyager Digital sends notice of default to Three Arrows Capital

Crypto brokerage Voyager Digital has issued a notice of default to Three Arrows Capital (3AC), for failure to repay a loan worth $650 million. The crypto app said 3AC owes it 15,250 BTC (valued at around $325 million) and $350 million USDC. The platform continued to operate and fulfill customer orders and withdrawals, it added. As of June 24, 2022, Voyager had approximately $137 million cash and owned crypto assets on hand. “We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands,” said Stephen Ehrlich, Chief Executive Officer of Voyager.