Trading was choppy as investors continued to shy away from riskier assets – their behavior a product of inflationary and recessionary fears that have mushroomed steadily this year.
Stocks rose as the tech-heavy Nasdaq jumped 2.6%, the S&P 500 climbed 1.8% and the Dow Jones Industrial Average gained 1.2%.
The price of Brent crude oil, which is a widely watched measure of energy markets, rose to $118 per barrel, a more than 53% spike since the start of the year.
The crypto industry has also felt the impact of the current, dour economic mood with crypto exchange Coinbase announcing in a blog post by Chief People Officer L.J.
The Crypto Rupee Index is a first in the Indian market, which has previously had to “rely on the international indices based on the US Dollar,” CoinSwitch Kuber CEO and co-founder Kuber Ashish Singhal tweeted.
CoinSwitch Kuber is among the country’s largest crypto exchanges with a self-reported 18 million users of its app.
The legislation, which the industry vehemently opposed, will also require crypto investors in the country to pay a 1% tax deducted at source , as well as taxes on crypto gifts, with no ability to take deductions for losses, starting on July 1.
“#CRE8 is a demonstration of our commitment to bring more transparency to the Indian crypto market and equip users with a simple, easy-to-understand measure of the Indian market.
For now, BTC’s price could continue to revert to that midpoint level until a decisive breakout or breakdown is confirmed.
Still, momentum remains positive on the daily chart, which could keep short-term buyers active.
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