Top cryptocurrency news on June 23: Major stories on Bitcoin, Ethereum and policy changes

1.Market Buzz
Today’s top cryptocurrency prices on June 23

On June 23, the global cryptocurrency market was mixed. Market cap stands at $1.34 trillion. This is a 2.53 percent increase in the market volume over the previous day. The crypto market volume for the last 24 hours has reached $148.92 million, a 9.37% increase. All stable coins now account for $120.20 trillion, or 80.71% of total crypto market volume. Bitcoin’s current price is $33,871.28, with a dominance of 47.33 percent. This is an increase by 0.78 percent over the previous day. This is after China’s central banks intensified its crackdown on cryptocurrency. You can read the full article here

2.Big Story
China’s central bank calls on financial institutions to clamp down on cryptos

China’s central bank stated Monday that it summoned several banks and payment companies, including Alipay and China Construction Bank, to urge them to clamp down on cryptocurrency trading. After China’s State Council (or cabinet) last month stated that it would tighten restrictions for bitcoin mining and trading, the People’s Bank of China met. Beijing has intensified its campaign over the past few weeks. At the meeting, the PBOC urged institutions to conduct thorough checks of clients’ accounts in order to identify cryptocurrency-related transactions and to promptly reduce their payment channels. The meeting date was not mentioned. Continue reading

3.In Focus
Bitcoin rallies following a drop below $30,000 due to China’s crackdown

Bitcoin rebounded from a five month low on June 22, in volatile session below $30,000 on which it had fallen to a new low. This was a continuation of losses that were sparked by China’s central banking intensifying its crackdown on cryptocurrency. Analysts told Reuters that the outlook for Bitcoin was still negative. The $28,600 mark, which is the lowest level since January 1, was the world’s most valuable cryptocurrency. It was at $32,802 last time, up 3.7%. However, it is still about 13% higher this year. “The fundamentals of crypto-asset investing have not changed, and the correction was more of an when, than a if. Any asset class that experiences a similar meteoric rise to crypto will likely correct. This may have been exacerbated by the situation in China, as well as the increased adoption of altcoins among new users, after tweets from various crypto personalities,” stated Iqbal Gandham vice president of transactions at Ledger a digital asset management software. (Reuters)

4.Do This Now
Purchases of cryptocurrencies on overseas exchanges may be more expensive due to the equalisation levy

If equalisation levy (or Google tax) is imposed on assets purchased from foreign exchanges, it might make them a little more expensive. The tax department is currently evaluating whether the 2 percent equalization levy applies to cryptocurrency assets purchased online by Indians using overseas exchanges. In 2020, India expanded the scope of equalisation levies to include e-commerce supplies and services. The 2 percent tax added could make a big difference in the cost of cryptocurrency due to their volatile price.