The majority of the cryptocurrencies were trading on a flat note on Thursday as investor appetite for risk assets ebbed on growing fears about an economic downturn.
Bitcoin, the world's favourite cryptocurrency, slightly rose 1.34 percent and was trading at $20,467, holding right above the key $20,000 level. Ether, the second largest token, increased 1.45 percent and hovered around $1,096.
The largest cryptocurrency has lost more than half its value this year from the peak of $69,000 in November. While, second largest currency Ethereum has tanked 11 percent in the last seven trading sessions.
Other popular digital tokens, which tend to move in tandem with bitcoin, also rise. Shiba Inu jumped 8.64 percent to $0.000010, Solana rose 6.30 percent to $36.01 and Dogecoin added 3.97 percent to $0.06394 according to CoinDesk data at 13:24 IST.
The global cryptocurrency market cap increased to 2.14 percent to $906.85 billion in the last 24 hours. However, the total cryptocurrency trading volume slumped over 6.34 percent to $65.17 billion. Out of a total market cap, bitcoin's dominance is 43.07 percent, a decrease of 0.16 percent over the day, as per CoinMarketCap data.
The GST Council, which is scheduled to meet next week, is likely to discuss goods and services tax (GST) on cryptocurrency transactions in the meeting, a report by Bloomberg suggested. The panel, comprising federal and states’ finance ministers, is seeking to broaden the tax net to track dealings in virtual digital assets in a more effective manner, as per the report.
The GST panel is meeting for two days starting Tuesday, June 28, 2022 in Chandigarh, and is unlikely to finalise a rate in the upcoming meeting but discussions may be held on placing cryptocurrency in the highest tax slab of 28%, the report added.
