Crypto News Today: Bitcoin Slides Below $60K Amid Sell-Off

Crypto market cap drops by 3.70%, standing at $2.29 trillion

• The latest minutes revealed policymakers' hesitance to reduce policy rates, emphasizing a consensus to avoid rushing into cuts.

• In June, US service sector activity declined as the ISM Services PMI fell to 48.8 from May's 53.8.

• Additionally, jobless claims for the week ending June 29 increased by 4,000 to 238,000.

Major Events To Watch

Crypto Fear and Greed Index:

Crypto Fear and Greed Indicator shows current market sentiment at 44 (Fear), down from 50 yesterday and 47 last week.

Crypto prices experienced losses over the past 24 hours

TOP 5 Losers Coins

Latest Market Update: 

• #Bitcoin ($BTC) erased recent gains, dropping below the $59,000 mark early Thursday.

• #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) also experienced widespread declines.

• #Worldcoin ($WLD), led by Sam Altman, saw the largest gain of nearly 7.02% over the past 24 hours.

• #Akash Network ($AKT) was the biggest loser, plunging by nearly 11.50% during the same period.

• The crypto market saw a significant uptick with a 24-hour trading volume of $84.62B, marking a notable 50.73% increase.

• DeFi accounts for $6.88B in total volume, constituting 8.13% of the overall crypto market's 24-hour trading volume.

• Stablecoins now dominate with a total volume of $79.21B, representing 93.61% of the entire crypto market's trading volume over the past 24 hours.

• Bitcoin currently holds a dominance of 53.41%, marking a 0.22% increase over the day.

Major Worldwide News Update:

• Federal Reserve minutes from their June meeting revealed cautious optimism on inflation trends, with officials hesitating to lower interest rates until more data confirms sustainable progress toward their 2% target. Discussions highlighted differing views on future rate adjustments, with some leaning towards potential rate hikes if inflation persists, while others emphasized readiness to support economic stability amidst uncertainties.

• Last week, initial U.S. unemployment claims increased by 4,000 to 238,000, signaling a slowdown in the labor market. Simultaneously, the number of individuals receiving jobless benefits rose for the ninth consecutive week to 1.86 million, the highest since November 2021, per the Labor Department's early release ahead of the July Fourth holiday.

• Bitwise has amended its S-1 for an Ethereum ETF, nearing launch as analysts predict listings within two weeks. Updates include fee waivers up to $500 million in assets, aiming to attract initial investors. Regulatory feedback suggests a forthcoming launch, aligning with broader efforts to streamline offerings.

• The Federal Reserve sees Artificial Intelligence potentially reducing inflation, boosting productivity, and anchoring long-term inflation expectations. The U.S. government is moving towards regulating AI, following global efforts like the EU's guidelines for responsible AI use in journalism, aiming to ensure safety and ethical standards.

• BTC faces significant market pressures, including outflows from spot BTC ETFs after five days of inflows and selling pressure from the release of $9 billion from Mt. Gox. In the last 24 hours, over $64.2 million in Bitcoin long positions have been liquidated, further intensifying selling pressure on the asset.

• DWF Labs has launched the $20 million Cloudbreak Fund to support Web3 projects in Chinese-speaking regions. The fund aims to accelerate growth in sectors like GameFi, SocialFi, memecoins, derivatives, and layer-1/layer-2 projects. Andrei Grachev, Managing Partner, emphasized the fund's role in nurturing emerging projects and unlocking their potential.

COIN GABBAR Views: Will Bitcoin and Ethereum drop to new lows this week as BTC takes a 5% hit? Can bulls save the week amid ETF outflow concerns? With Bitcoin plunging below $60,000 for the second time in 15 days, what's next for these cryptocurrencies? To get latest news Stay tuned us at coingabbar

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