Top cryptocurrency prices today on June 23

The global cryptocurrency market is mixed on June 23. The market cap is $1.34 trillion, a 2.53 percent increase over the last day. The total crypto market volume over the last 24 hours is $148.92 billion, which makes a 9.37 percent increase. The volume of all stable coins is now $120.20 billion, which is 80.71 percent of the total crypto market 24-hour volume. Bitcoin's price is currently $33,871.28, and its dominance is 47.33 percent, an increase of 0.78 percent over the day. This comes after China's central bank deepened a crackdown on cryptocurrencies. Read full here

China's central bank urges financial institutions to crack down on cryptos

China's central bank said on Monday it had recently summoned some banks and payment firms, including China Construction Bank and Alipay, urging them to crack down harder on cryptocurrency trading. The People's Bank of China's meeting came after China's State Council, or cabinet, last month said it would tighten restrictions on bitcoin trading and mining. Beijing has sharply ratcheted up its campaign in the last few weeks. The PBOC urged institutions at the meeting to launch thorough checks on clients' accounts to identify those involved in cryptocurrency transactions, and promptly cut their payment channels. It did not mention when the meeting was held. Read more here

Bitcoin rallies after dropping below $30,000 on China crackdown

Bitcoin recovered from a five-month low on June 22 in volatile session in which it fell below $30,000, extending losses sparked a day earlier when China's central bank deepened a crackdown on cryptocurrencies. But its outlook remained tilted to the downside, analysts told Reuters. The world's largest cryptocurrency dropped to $28,600, its lowest since early January. It was last up 3.7% at $32,802, and remains about 13% higher so far this year. "The underlying fundamentals of the crypto-asset world have not changed and this correction was more of a when, not if. Any asset class which sees a meteoric rise in the same way as we have seen in crypto is expected to correct. The situation in China has perhaps exacerbated this, along with the increased rate of adoption of altcoins by new users, following tweets of various crypto personalities," said Iqbal Gandham, vice president of transactions at Ledger, a digital asset management solution. (Reuters)

Equalisation levy may make purchasing cryptocurrencies from overseas exchanges more expensive

Purchasing cryptocurrencies from exchanges outside the country might become slightly more expensive if equalisation levy, or Google tax, is imposed on the assets. The tax department is examining whether the 2 percent levy is applicable on cryptocurrency assets bought online by Indians from overseas exchanges after India in 2020 expanded the scope of equalisation levy to cover 'e-commerce supplies or services'. Given that the price of cryptocurrencies are highly volatile, the 2 percent additional tax could make a significant difference to the cost. See more details here