Crypto News Today: Bitcoin and Ethereum Extend Bearish Slide

Crypto market cap falls 0.90%, now at $2.54 trillion

• On June 14, the U.S. Spot Bitcoin ETF saw an outflow of $190 million, reflecting ongoing price volatility concerns.

• Eric Balchunas of Bloomberg revises the launch date for the Spot Ethereum ETF to July 2nd, buoyed by positive SEC feedback.

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows a current sentiment of 74 (Greed), unchanged from yesterday and slightly lower than last week.

Crypto saw a significant decline in the past 24 hours

TOP 5 Losers Coins

Latest Market Update: 

• $BTC price showed continued bearish movement, dropping to $65,000 before recovering and stabilizing above $66,000.

• Altcoins such as #Uniswap ($UNI), #Notcoin ($NOT), #Toncoin ($TON), and #Oasis ($ROSE) experienced moderate increases.

• #Akash Network ($AKT) token notably surged by 7.64% in the last 24 hours.

• #Chiliz ($CHZ) suffered the largest decline, plummeting by 10.51% during the same period.

• The cryptocurrency market saw a trading volume of $71.94 billion in the last 24 hours, marking a 3.13% increase from the previous period.

• DeFi's current volume stands at $5.58 billion, constituting 7.75% of the total cryptocurrency market volume over the past 24 hours.

• Stablecoins now account for $66.8 billion, comprising 92.85% of the total cryptocurrency market volume over the past 24 hours.

• Bitcoin currently holds a dominance of 54.05%, marking a decrease of 0.12% over the course of the day.

Major Worldwide News Update:

• The Federal Reserve has issued a cease and desist order to Evolve Bank and Trust, citing "unsafe and unsound banking practices" and deficiencies in its anti-money laundering program. This impacts Evolve's fintech partnerships, including recent issues with Synapse Financial and involvement in fraud cases, raising concerns in the financial industry.

• Ripple and SEC's legal battle intensifies with SEC's accusation that Ripple's ODL sales practices resemble past violations. Judge Torres may issue a final judgment by July, potentially impacting XRP's status as a security. Despite legal twists, settlement chances are slim, leaving the XRP community wary amid a bearish market sentiment.

• Bloomberg's Eric Balchunas revised the anticipated launch date for the Ethereum spot ETF to July 2nd, citing accelerated SEC feedback on S-1 filings. SEC's potential swift approval signals positive market sentiment amid growing anticipation for institutional investment in Ethereum, aligning with Bitcoin ETF trends.

• Tether CEO Paolo Ardoino highlights USDT's role in global finance, providing stability for millions in economically unstable regions. Tether supports dollar demand, facilitates digital transactions, and invests in eco-friendly crypto mining. Ardoino defends USDT's compliance and transparency amid regulatory scrutiny, aiming to enhance trust and sustainability in digital currencies.

• Deutsche Telekom, also known as T-Mobile, plans to enter Bitcoin mining, signaling a significant move in the crypto industry. The telecommunications giant has been expanding its blockchain involvement, including partnerships with Polygon and Fetch.ai. Amid challenges in the mining sector, this move could reshape its financial strategy.

• Gemini settles fraud claims with a $50 million payout after New York's Attorney General accused it of misleading users in its Gemini Earn program. The settlement includes full restitution to affected investors and a ban on future crypto lending operations in New York, marking a significant regulatory outcome.

COIN GABBAR Views: Will Bitcoin (BTC) manage to break out of consolidation below $71,000? Will Bitcoin maintain the $65k support despite the Fed rate pause? Is Bitcoin struggling below $70K amidst rising selling pressure and technical resistance? To get latest news Stay tuned us at coingabbar

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