The global cryptocurrency market continued to tumble on Wednesday and the flagship currency fell to $20,000 mark as recession fears collided.
Bitcoin, the world's favourite cryptocurrency, was trading at $20,048, down nearly 4.83 percent. The token has retraced nearly 10 percent over the past three days, going from a high of $22,020 on June 26th to recently hitting a low of $19,890. Ether, the second largest token, crashed 7.78 percent to $1,126, according to Coindesk data at 14:30 IST.
Other popular digital tokens, which tend to move in tandem with bitcoin, also fell. Shiba Inu, the second-largest meme coin, tumbled almost 9.72 percent to $0.000010 and the most followed meme coin Dogecoin plunged as much as 8.88 percent to $0.065545.
The global cryptocurrency market cap decreased to 4.81 percent to $901.29 billion in the last 24 hours. However, the total cryptocurrency trading volume increased 2.63 percent to $61.14 billion. Out of a total market cap, bitcoin's dominance is 42.49 percent, an increase of 0.06 percent over the day, as per CoinMarketCap data.
Meanwhile, The Central Board of Direct Taxes (CBDT) issued a circular on June 22, 2022 explaining how tax will be deducted on transfer of virtual digital assets (VDA) and cryptocurrencies. The new rules of TDS on VDA and crypto will come into effect from July 1, 2022.
In global news, Canada-based investment firm Cypherpunk Holdings has dumped all of its bitcoin and ether holdings to ride out the current market risks.