Markets
Crypto majors subdued after Fed’s hawkish stance
The biggest cryptocurrencies fell during the European morning, prolonging the gloomy atmosphere after the Federal Reserve lowered its interest rate cut expectations on Wednesday. Bitcoin and ether both fell about 1% over 24 hours, according to CoinDesk index data. Bitcoin fell to just below $66,000 – near the bottom of the $72,000 to $65,000 range it has been trading in for the past month – and ether was trading at around $3,500. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, fell about 1.8%. In many countries, markets are closed to mark the Islamic holiday of Eid al-Adha. Meme coins led the declines, with SHIB losing 3.5% and DOGE falling 1.7%.
US-listed Bitcoin miners reached a record market capitalization of $22.8 billion on June 15JPMorgan said 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, up 117%, and Argo Blockchain the worst, down 7%. The world’s largest cryptocurrency fell 3% during the same period. Bitcoin mining stocks rose in the first half of the month as investors reacted positively to the news of Core Scientific’s deal with artificial intelligence company CoreWeave, according to the report. Mining difficulties have also extended their decline since the April reward halving.
The Financial Stability Board (FSB) declared it will undertake additional work on the challenges posed by stablecoins in emerging and developing economies. The decision was taken during a meeting in Toronto of the plenary assembly of the FSB, the sole decision-making body of the normative and consultative organization, according to a press release published Friday. The FSB has been one of the main architects of global crypto policy. Last year, together with the International Monetary Fund, it developed a joint policy document on crypto, warning against implementing blanket bans to mitigate risks associated with the sector. At last week’s meeting, FSB members discussed areas that “deserve greater attention” in the industry.