Crypto News – First Mover Americas: Crypto Giants Tamed by Fed’s Hawkish Outlook

Crypto News – First Mover Americas: Crypto Leaders Muted in Response to Fed’s Hawkish Lean

Crypto News- The major cryptocurrencies took a hit during the morning hours in Europe, continuing the subdued trend after the Federal Reserve tempered expectations for interest rate cuts on Wednesday. Bitcoin and ether both saw a decline of about 1% over the course of 24 hours, as per data from CoinDesk Indices. Bitcoin dipped just below $66,000, hovering near the lower end of the $72,000-$65,000 range it has been trading within for the past month, while ether was trading around $3,500.

The broader crypto market, as measured by the CoinDesk 20 Index (CD20), fell approximately 1.8%. With many countries observing Islam’s Eid al-Adha festival, several markets remained closed. Among the notable declines were meme coins, with SHIB down 3.5% and DOGE dropping 1.7%.

According to a report by JPMorgan, U.S.-listed bitcoin miners reached a historic market cap of $22.8 billion on June 15th. The report highlighted that nearly all companies outperformed bitcoin in the first half of June, with Core Scientific leading the pack with a 117% gain, while Argo Blockchain faced a 7% drop. Meanwhile, the world’s largest cryptocurrency experienced a 3% decrease during the same period. The surge in bitcoin mining stocks in the first half of the month was attributed to positive investor sentiment following Core Scientific’s partnership announcement with artificial intelligence firm CoreWeave, the report stated. Additionally, mining difficulty has continued to decline since the reward halving in April.

The Financial Stability Board (FSB) announced plans to delve deeper into the challenges posed by stablecoins in emerging and developing economies. The decision came during a plenary meeting in Toronto, the primary decision-making body of the standard-setting and advisory organization, according to a statement released on Friday. The FSB, a key player in shaping global crypto policy, previously collaborated with the International Monetary Fund to develop a joint policy paper on cryptocurrencies last year, cautioning against blanket bans as a means to mitigate risks associated with the sector. During the recent meeting, FSB members identified specific areas within the industry that require further scrutiny.

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