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Crypto majors are subdued after Fed’s aggressive stance
The largest cryptocurrencies fell during the European morning, prolonging the subdued mood after the Federal Reserve reduced interest rate cut expectations on Wednesday. Both Bitcoin and Ether fell about 1% in 24 hours, data from CoinDesk Indices shows. Bitcoin fell just below $66,000 – near the lower end of the $72,000 to $65,000 range it has traded in over the past month – and ether was trading around $3,500. The CoinDesk 20 Index (CD20), a measure of the cryptocurrency market as a whole, fell about 1.8%. Markets in many countries are closed for the Islamic holiday of Eid al-Adha. Meme coins led the declines, with SHIB losing 3.5% and DOGE losing 1.7%.
US-listed bitcoin miners it reached a record market capitalization of $22.8 billion on June 15JPMorgan said in a report. The bank noted that nearly all companies outperformed bitcoin in the first two weeks of June, with Core Scientific the best, up 117%, and Argo Blockchain the worst, down 7%. Over the same period, the world’s largest cryptocurrency fell 3%. Bitcoin mining stocks gained in the first half of the month as investors reacted positively to news of Core Scientific’s deal with artificial intelligence firm CoreWeave, the report said. Mining difficulties also prolonged the decline after the April reward halving.
This was stated by the Financial Stability Board (FSB). will undertake further work on the challenges posed by stablecoins in emerging and developing economies. The decision was made at a meeting in Toronto of the FSB plenary, the standard-setting and consultative organization’s sole decision-making body, according to a statement on Friday. The FSB was one of the main architects of global crypto policy. Last year, it and the International Monetary Fund developed a joint policy paper on cryptocurrencies, warning against implementing blanket bans to mitigate risks associated with the sector. At last week’s meeting, FSB members discussed areas that “deserve further attention” in the sector.