Crypto News Today: Bitcoin's Price Plunge Raises Red Flags

Cryptocurrency market cap drops 0.90% to $2.39 trillion

• The German government transferred nearly 6,500 BTC, affecting BTC prices downward according to Arkham Intelligence on June 19.

• Mt. Gox announced it would return $8.5 billion worth of BTC to clients affected by the 2014 hack, as reported yesterday.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows a drop to 30 (Fear) today from 51 (Greed) yesterday and 64 (Greed) last week.

Cryptocurrency has experienced a decline over the past day

TOP 5 Losers Coins

Latest Market Update: 

•  #Bitcoin ($BTC) dropped below $62,000 early Tuesday, marking a decline.

• Other major cryptocurrencies like #Ethereum ($ETH), Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) showed mixed movements with minor gains and losses.

• #Fetch.ai ($FET) experienced the highest gain, surging by nearly 21% in the past 24 hours.

• #Gnosis ($GNO) suffered the largest loss, decreasing by over 5% during the same period.

• The total cryptocurrency market volume in the last 24 hours reached $99 billion, reflecting a significant 118.24% increase.

• DeFi's total volume stands at $6.57 billion, comprising 6.63% of the overall crypto market volume.

• Stablecoins contributed $92.13 billion to the total crypto market volume, making up 93.06% of the 24-hour volume.

• Bitcoin's dominance in the market is currently 53.40%, down by 0.74% from the previous day.

Major Worldwide News Update:

• Bitcoin's price dropped to $59,000, marking a six-week low. Several factors contributed to this decline. The German government transferred nearly 6,500 BTC on June 19, according to Arkham Intelligence, impacting the price. Additionally, Mt. Gox announced plans to return $8.5 billion worth of BTC to clients affected by the 2014 hack, potentially introducing selling pressure as Bitcoin's price has surged over 8,000% since 2014. The decline also coincides with outflows from spot Bitcoin ETFs.

• Bitcoin ETFs, notably Grayscale Bitcoin ETF GBTC and Fidelity’s FBTC, saw significant outflows totaling $545 million recently. GBTC alone recorded $90.4 million in outflows, nearing $18.5 billion since inception. This trend reflects waning institutional interest amid global market uncertainty, contrasting sharply with the Nasdaq's robust performance and tech stocks' dominance.

• The ECB's first CBDC progress report emphasizes privacy protections with pseudonymization, encryption, and consent requirements for financial data usage. It outlines plans for offline transactions and sets a timeline for a regulatory framework draft by late 2024, amid global debate over CBDCs' implications for privacy and government control.

• Former President Donald Trump garners approximately $60,000 in on-chain crypto donations for his campaign, excluding contributions via centralized exchanges like Coinbase. Despite these figures, traditional donations surpass digital assets, with over $260 million raised overall. Trump's pro-crypto stance has fueled debate amid evolving US regulatory frameworks and congressional efforts toward pro-crypto legislation.

• Fidelity has updated its application for a spot Ether ETF, disclosing a $4.7 million initial investment in 1,250 ETH. They confirmed no ETH staking. Multiple asset managers, including Bitwise and Hashdex, also amended their filings as they await SEC approval for launching Ether and combined Bitcoin-Ether ETFs.

• Jump Crypto's President, Kanav Kariya, resigns amidst CFTC scrutiny of Jump Trading. Despite his tenure's successes and challenges like the Wormhole hack, Kariya plans reflection. Jump Crypto remains active in regulatory engagement and market stability efforts amid ongoing industry shifts and investigations.

COIN GABBAR Views: Will Bitcoin fall below $50,000 as bears take control? Why is BTC struggling below $63,000 amid escalating market tensions? What factors have led to Bitcoin making a new monthly low near $61,000 today? How low can the Bitcoin price potentially go, and what's next if it breaks below the $60,000 level? To get latest news Stay tuned us at coingabbar

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