Bitcoin
Crypto Majors Subdued After Fed’s Hawkish Stance
The biggest cryptocurrencies fell during the European morning, prolonging the moderate weather after the Federal Reserve lowered interest rate cut expectations on Wednesday. Bitcoin and Ether are down about 1% in 24 hours, data from CoinDesk Indices shows. Bitcoin fell to just under $66,000 – near the lower end of the $72,000 to $65,000 range it has been trading over the past month – and Ether was priced around $3,500. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, fell about 1.8%. Markets in many countries are closed for the Islamic festival Eid al-Adha. Meme coins led the declines, with SHIB losing 3.5% and DOGE falling 1.7%.
Bitcoin miners listed in the US reached a record market value of US$22.8 billion on June 15said JPMorgan in a report. The bank noted that almost all companies outperformed bitcoin in the first two weeks of June, with Core Scientific the best performer, adding 117%, and Argo Blockchain the worst, falling 7%. The world’s largest cryptocurrency fell 3% in the same period. Bitcoin mining stocks rose 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 difficulty has also extended its decline since the reward halving in April.
The Financial Stability Board (FSB) said will carry out further work on the challenges posed by stablecoins in emerging and developing economies. The decision was made during a meeting in Toronto of the FSB plenary, the advisory and standards-setting organization’s sole decision-making body, according to a Friday statement. The FSB has been one of the main architects of global crypto policy. Last year, together with the International Monetary Fund, it drafted a joint policy paper on cryptography, warning against implementing blanket bans to mitigate risks associated with the sector. At last week’s meeting, FSB members discussed areas that “deserve more attention” in the industry.