Crypto News Today: BTC Plunges, Altcoins Stumble in Sell-Off

Crypto currency market cap drops 2.60% to $2.49 trillion

• New York state factory activity in June contracted less than expected, with producer prices falling to nearly a one-year low.

• Coinbase now offers pre-launch market trading for investors to access altcoins before their mainstream exchange debut.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows a market sentiment of 74 (Greed) today, up from 71 yesterday and 72 last week.

Cryptocurrency experienced a decline in the past 24 hours

TOP 5 Loser Coins

Latest Market Update: 

• Today's crypto market continued its bearish trend, with #Bitcoin trading at $65,000.

• #Worldcoin ($WLD), #Core ($CORE), #dogwifhat ($WIF), #Fantom ($FTM), and #Filecoin ($FIL) all saw declines of over 15%.

• #XRP was the sole token showing gains, with a modest increase of 0.57% over the last 24 hours.

• #zkSync ($NOT) experienced the largest drop, plummeting by 25.63% within the same period.

• The crypto market's 24-hour trading volume surged to $96.84 billion, marking a nearly 99% increase.

• Currently, DeFi volume stands at $7.45 billion, comprising 7.69% of the total crypto market's 24-hour volume.

• Stablecoins make up $89.88 billion in volume, comprising 92.81% of the total crypto market's 24-hour trading.

• Bitcoin's dominance now stands at 54.80%, rising by 0.73% during the day.

Major Worldwide News Update:

• CoinShares reported a significant $600 million outflow from digital asset investment products last week, driven by a more hawkish FOMC meeting. US Bitcoin ETFs, including Grayscale's GBTC, saw major outflows, while BlackRock's IBIT recorded modest inflows. Global sentiment led to a total asset under management decline to $94 billion, with US markets witnessing the largest outflows of $565 million.

• New York state's June manufacturing activity contracted less than expected, with the Fed's business conditions index improving to minus 6 from a projected minus 10. Manufacturer prices dropped to nearly a one-year low, while material costs hit their lowest of the year. Optimism about future economic conditions also rose significantly, reaching levels not seen since March 2022.

• Coinbase has introduced pre-launch markets on Coinbase International Exchange and Coinbase Advanced, allowing investors to trade new tokens before their public release. These markets offer early price speculation but come with higher risks like lower liquidity and increased volatility. The service is not available to customers in the US, Canada, or the UK.

• David Hirsch, former head of the SEC's Crypto Asset and Cyber Unit, announced his departure after nine years. His tenure included handling complex investigations. The SEC faces significant staff turnover, with Gary Gensler seeking $2.4 billion to expand roles, amid controversial fines like the $4.47 billion on Terraform Labs.

• Tether has launched Alloy, featuring aUSDT as its debut token backed by Tether Gold (XAUt). Alloy operates on Ethereum, enabling users to create stablecoins collateralized by tokenized gold. Tether aims to enhance stability in digital finance by integrating innovative tethered assets, utilizing over-collateralization and liquidity pools.

• Stand With Crypto PAC endorsed 18 candidates, evenly split between Democrats and Republicans, including senators Kirsten Gillibrand and Rick Scott. The PAC aims to bolster cryptocurrency support in U.S. politics amid growing influence from 52 million digital currency owners, emphasizing candidates' commitment to blockchain technology and legislative initiatives like the FIT21 bill.

COIN GABBAR Views: Will Bitcoin drop lower in this crypto market crash? Are BTC price clusters signaling a potential loss of $64K support? Why is XRP surging while Bitcoin faces challenges? Is there uncertainty over a breakout or impending price decline below $66K? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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