Crypto Markets Update: Bitcoin and Ether Fall, Meme Coins Lead Declines
Cryptocurrency markets experienced a slight dip during the European morning, following the Federal Reserve’s decision to trim interest-rate cut expectations. Bitcoin and ether both saw a 1% decrease over a 24-hour period, with Bitcoin hovering just below $66,000 and ether around $3,500. The broader crypto market, as measured by the CoinDesk 20 Index, fell about 1.8%.
Interestingly, U.S.-listed bitcoin miners reached a record market cap of $22.8 billion on June 15, according to a report by JPMorgan. The report highlighted the outperformance of bitcoin mining companies compared to the cryptocurrency itself, with Core Scientific leading the pack with a 117% increase in value.
In other news, the Financial Stability Board (FSB) announced plans to further examine the challenges posed by stablecoins in emerging and developing economies. The decision was made during a meeting in Toronto, where FSB members discussed areas in the crypto industry that require more attention.
Overall, the crypto market continues to show resilience despite fluctuations, with investors closely monitoring developments in the industry. Stay tuned for more updates on the latest trends and news in the world of cryptocurrency.
