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Crypto market under pressure and what’s happening with the main cryptocurrency

The crypto market is under pressure from tough macroeconomic factors, balancing amid capital outflows from spot ETFs and the lack of any rate cuts. #биткоин is hovering around the $60,000 mark, while investors assess risks as speculative positions are closed.
#биткоин moves in sync with precious metals due to the Fed’s tight policy. Ethereum and other altcoins lag behind the leading cryptocurrency, which heightens fears that the decline may continue.
Despite the overall downturn, certain tokens—for example Solana—are showing local growth thanks to internal updates and news.
Binance conducts regular cleanups of assets, which triggers sharp local crashes in individual coins.

#USDT moved #Ethereum from second place by market capitalization

Total crypto market capitalization fell to a multi-year low, and digital-asset traders lost hundreds of millions of dollars in the futures market during the bitcoin crash.
Price #Ethereum dropped toward $1.51 thousand, losing about 15%. This caused “ether” to temporarily lose its spot as the second-largest by market cap, giving way to the stablecoins #USDT from Tether with figures of $186 billion.
Total crypto market capitalization suffered percentage losses comparable to bitcoin’s, dropping below $2 trillion.
About 80% of the top 100 cryptocurrencies lost up to 15% in value.
Crypto traders are taking multi-million losses in the market. Nearly $800 million was taken on the markets #биткоина and Ethereum.

Will there be a tax on staking

A funding crisis is brewing for developers #Ethereum . In the Ethereum community, an active discussion has sparked around a proposal for validators to direct part of their staking income to fund the blockchain’s development. Supporters of the initiative call it a way to overcome the “coordination failure” in “Ethereum” development, while critics see it as a risk of creating cartels and increasing network centralization. At the same time, institutional investors have formed a separate organization to develop the second-largest cryptocurrency by market capitalization.
The current “tax” idea on staking, which triggered a strong reaction in the crypto community, was presented at the Ethereum Resesrch developers’ forum and, within two days, garnered over 1.3 thousand views.
#Ethereum is stuck in a coordination failure: everyone benefits from shared improvements, but no individual participant wants to pay when others can use the results for free.

Trump resumed the war with Iran with a massive bombing this night
As always, he carries out such operations while the markets are closed.
Iran is considering the possibility of canceling negotiations with the United States in Switzerland. Here you go—the deal.
Gold is on the verge of forming a bearish cross for the first time since October 2023. This is a price-drop pattern.
#Bitcoin is still holding above $60K and is waiting for the markets to open on Monday to gauge the reaction of oil and funds.

Binance warned EU clients about ending service

The largest crypto exchange failed to obtain a license in any of the EU countries it approached, but will try again.
It became known on June 24 that Binance withdrew its application for an EU license in Greece and said it plans to file it in another country in the bloc. For crypto companies to operate in the European Union, they must obtain a license in some EU country in accordance with the MiCa crypto-assets rules. The exchange said that it constructively and in good faith cooperated with Greek regulators, but did not receive a formal decision and "made a reasonable decision to move forward in a way that provides users with greater clarity and continues to follow the relevant requirements on a long-term path in Europe".
FT sources also said that the exchange will apply in France.

What condition is the crypto market in, and what will happen next

The crypto market is in a state of maximum volatility.#биткоин It is balancing around the $59,800–60,000 zone, experiencing strong pressure due to capital outflows. There is pressure on the stock markets and a record number of coins that short-term investors are selling at a loss.
The Fear and Greed Index has fallen to extreme levels, indicating panic among retail investors.
The strengthening of the US dollar index and expectations of further Federal Reserve actions regarding interest rates are creating a bearish trend for risk assets, including gold and cryptocurrencies.
Large holders and institutional players are facing harsh conditions as the quarter ends, which triggers additional selling.
Against the backdrop of the fall #ВТС most altcoins are correcting or trading sideways, though certain coins locally show gains due to specific news within their projects.

SpaceX will be added to the Nasdaq 100 on July 7. This marks the fastest inclusion in the Nasdaq 100 in the index’s history.
This will prompt index funds and ETFs tracking the Nasdaq-100 to immediately allocate funds to the company’s shares.
The ceasefire is falling apart again. Iran’s IRGC says it struck “U.S. military positions in the region” in response to today’s U.S. airstrikes on storage facilities for Iranian missiles and drones, as well as on coastal radar systems in the Strait of Hormuz.
Bitcoin has returned to $60K; a weekly candle close above this level will strengthen the local uptrend. Waiting for the close and will continue entering Long positions carefully.
The S&P 500 also rose toward the end of the week on the back of inflation-expectations data.

The cryptocurrency market is experiencing a large-scale sell-off

Global capitalization has fallen by 3.57%, and the Bitcoin price is in the 58–60 thousand dollar range. The leading altcoins—Ether, XRP, and Dogecoin—are leading the declines amid reduced interest in risk assets and a correction in technology stocks.
The correction on Wall Street has intensified pressure on the entire crypto sector due to asset correlation.
Geopolitical conditions continue to weigh on the market, related to U.S.-Iran relations and tough statements by U.S. Federal Reserve officials regarding the regulation of stablecoins.
Democrats in the U.S. House of Representatives urged the Securities and Exchange Commission to strengthen oversight of AI trading to protect retail investors.
There is information that the Kraken exchange is negotiating to buy a 15% stake in the DeFi lender Aave, valuing the project at $385 million.

Asian Markets Are Crashing

South Korea’s stock exchange has halted trading due to a drop of more than -8%.
Overall, Asian shares plunged after Apple raised its prices to offset skyrocketing chip costs, reigniting concerns about overvalued AI and technology.
Due to the decline in Bitcoin, it risks falling out of the world’s top 20 assets by market capitalization.
53% of all BTC in circulation is currently in an unrealized loss.
To prevent a spillover with testing a new local bottom, it is crucial for the price to hold above $60,000.

The fall continues

-$2T literally in an hour. Stocks are falling, #BTC is falling (new local bottom $58K). Gold is still rising above $4000.
The technology sector is being battered by fears of overhyped AI valuations and semiconductors.
The main factor is pressure from expectations of new Fed rate hikes instead of cuts.
High rates hit growth stocks harder because their valuation depends on future earnings.
Against this backdrop, capital is moving from tech into the Dow—into more defensive companies with stable profits and dividends.

The number of transactions in #биткоине has hit a two-year peak

A sharp rise in activity from one Bitcoin-based project has led to multi-year highs for the entire blockchain. Despite a prolonged bear market, activity in the network #биткоина has soared to a two-year maximum. According to the analytics platform Glassnode, the number of transactions in the blockchain of the leading cryptocurrency has exceeded 820,000 per day. The previous spike was observed in April 2024, right after the halving, the process that reduces the issuance rate every four years.
The current surge in activity is again linked to the resurgence of interest in Runes. The number of transactions with messages (tokens) from this protocol, known as Runestones, has surpassed 600,000 per day.
However, this current spike has not significantly impacted the rise in fees on the main cryptocurrency's network. Major players can adapt, but smaller miners may have to shut down, as building their own generation or expanding into AI computations takes time.

Ripple in Japan

Japan is one of the most loyal countries to Ripple and XRP, actively integrating the company's technologies into its financial system. The Financial Services Agency of Japan has officially approved the stablecoin #RLUSD from Ripple as an electronic payment instrument. It's now available on the Japanese market.
Japanese financial giants, including Mizuho Bank and SMBC Nikko Securities, are partnering with Ripple to enhance the efficiency of cross-border payments.
An Innovation Program for financial institutions has been launched in Japan. It's aimed at integrating the XRP Ledger into traditional banks and supporting local startups.
Against the backdrop of current changes in Japan's economy, experts are discussing the strengthening role of XRP in providing global liquidity.

Pressure on altcoins or what to expect from the market

#Ethereum is trading around $1640, and analysts are warning about the risks of further weakness if the coin fails to hold key support levels. Vitalik Buterin and the #Ethereum Foundation have announced a major restructuring, including budget cuts and staff reductions.
Japan's Financial Services Agency has approved the stablecoin #RLUSD from Ripple as an electronic payment instrument.
The Binance platform continues its efforts to expand in Europe and is reapplying for the EU-wide MICA license.
A bill has been introduced in the State Duma that would require crypto exchanges and exchanges to obtain a license from the Central Bank, as well as completely ban cryptocurrency advertising in the country. Organizations will only be allowed to inform about their activities.

Will the stablecoin A7A5 be used for international settlements?

Due to pressure on the traditional settlement infrastructure, it's crucial for Russia to develop new tools for international transactions, including ruble-backed stablecoins.
In the coming years, several models will compete in the digital settlement market: central bank digital currencies, stablecoins, cryptocurrencies, and tokenized deposits. The development will depend not only on the stance of regulators but also on the demand from market participants.
The models that will be utilized need to be discussed and practically tested. The ruble stablecoin A7A5 deserves special attention.
A7A5 has captured 38% of the non-dollar stablecoin market by capitalization, ranking first and outpacing euro-based assets. A7A5 has also climbed into the top 20 among all stablecoins by capitalization, exceeding 5.75 billion dollars, and has made it into the top three for transaction volume on the Tron blockchain network.

#биткоин held its ground but didn't manage to recover
A major market maker noted that for Bitcoin to rally, it might only need a small positive impulse, but he pointed out that the price bottom hasn't been formed yet.
Last week was a real stress test for the crypto market. As highlighted in the weekly review by the major market maker Wintermute, cryptocurrencies took the brunt of the Federal Reserve's pivot in monetary policy and the collapse of peace talks between the U.S. and Iran. Although the market maker observed an unexpected price resilience around #битклина at about 62 thousand dollars amidst these stresses, further declines are still on the table.
Last week, the crypto market faced two significant challenges. The first was the FOMC meeting, where they unexpectedly maintained the interest rate at the same level. However, the signals from regulators were extremely "hawkish," implying a tightening of monetary policy rather than easing.
This negative factor was compounded by the negotiations between the U.S. and Iran, which were supposed to culminate in a peace agreement on June 19 in Switzerland. They unexpectedly fell through: the Iranian delegation walked out of the talks.

The crypto market keeps correcting
No debating that, as there’s pressure coming from all sides. For instance, the macroeconomics in the US. #биткоин lost 5% over the week due to a strong jobs report and the outlook for sustained high rates from the Fed.
The rise in US Treasury yields, triggered by robust May employment data, continues to weigh on risk assets.
Ethereum is in correction mode. The Ethereum Foundation plans to cut its budget by 40%, and layoffs of 30% have also begun.
In Russia, the fight against anonymity continues. The Central Bank of Russia is providing crypto custodians access to the anti-money laundering platform. Now, all transactions over 1 million rubles are subject to mandatory monitoring, and hefty fees have been imposed on mining in data centers.

Everything's dropping again
Gold, silver, the tech sector, and AI stocks are all taking a hit at the same time. Usually, this signals not just a regular correction, but forced sell-offs and the closing of leveraged positions.
The main blow - AI chips. In South Korea, the Kospi plummeted by 10%, with Samsung and SK Hynix losing over 12%. According to media reports, SK Hynix is slowing down the expansion of new AI chip production and shifting to cheaper memory. This is a signal for the market, as expectations around AI potential might be inflated.
Korean investors were heavily buying chipmakers on borrowed funds. Once the sell-offs hit, the leverage started to unwind, accelerating the drop.
The market is also fearing intervention from Japan. If the carry trade starts to unwind, asset prices will likely decline as well.

Insiders have started to dump everything except for oil, right before the close of the American market. Every insider is selling billions: 0 buys, 1887 sells, $24.97 billion in sales volume. #Биткоин dropped below $63,000, the S&P 500 gapped down by 1.5% at the open and closed in the red. The stock market lost over a trillion dollars yesterday. One of the key factors applying pressure is the rise in the dollar index on expectations of a hawkish Fed policy in 2026.

Bitmine has announced the start of crypto spring
Tom Lee believes that the digital currency market is in a recovery phase. Bitmine holds a massive stash of #Ethereum and recently acquired another 52203 coins. Their altcoin reserve has been boosted to 5.67 million. The new batch of tokens set them back 92 million.
Tom Lee believes that the best years for cryptocurrency are ahead. It's expected that tokenization and rapid advancements in artificial intelligence will lead to exponential growth in demand for blockchain and decentralized cryptocurrencies.

#биткоин almost $63k

It's recovering, but it's a slow grind. The market is under the tight grip of the US Fed's policies, leading to some serious sell-offs, but the big players are still stacking up assets, reducing their available supply.
US spot Bitcoin ETFs have recorded a net outflow, wrapping up their sixth consecutive week in the red.
The US Fed has kept interest rates steady but has opted against easing monetary policy. Some officials are predicting a potential rate hike, which keeps risk assets under pressure.