Crypto Market Dips as Bitcoin and Ether Experience Minor Declines

• Bitcoin and ether fell by around 1% over 24 hours.
• Bitcoin dropped to just below $66,000, near the low end of its trading range.
• U.S.-listed bitcoin miners reached a record market cap of $22.8 billion.
• The Financial Stability Board will further examine challenges posed by stablecoins.
• BTC tumbled to its weakest price in four weeks, down 7.5% over the past week.
• Smaller cryptocurrencies saw steeper declines, with CoinDesk 20 Index shedding almost 12%.

Summary :
Bitcoin and ether both fell by around 1% over 24 hours, with Bitcoin dropping to just below $66,000 and ether quoted around $3,500. The broader crypto market, as measured by the CoinDesk 20 Index, fell about 1.8%. Meme coins like SHIB and DOGE also saw declines. U.S.-listed bitcoin miners reached a record market cap of $22.8 billion on June 15, outperforming bitcoin itself. The Financial Stability Board (FSB) announced that it will undertake further work on the challenges posed by stablecoins in emerging and developing economies. Smaller cryptocurrencies saw steeper declines, with the CoinDesk 20 Index shedding almost 12% week-over-week. The swift tumble in crypto assets liquidated nearly $180 million of leveraged derivatives trading positions over the past 24 hours. Analysts had anticipated a breakout for bitcoin to new record highs, but attempts for rallies were quickly sold off. The Federal Reserve's projection of only one rate cut for this year and political uncertainty in Europe contributed to the subdued market. Increased selling from miners and profit-taking from long-time holders also weighed on the market.

Sources :

- Coindesk
- Coindesk