Crypto Markets Erase $120B as Bitcoin Tanks to $58K Amid Growing Strategy FUD: Weekly Recap
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June has become one of the worst months for the cryptocurrency market, with Bitcoin and broader crypto prices sliding as investor risk appetite fell. Last Friday Fed Chair Kevin Warsh signaled a continued hawkish stance by keeping interest rates unchanged after the FOMC meeting, and the failure to secure a lasting US‑Iran deal added geopolitical risk that has pressured crypto markets and damped near‑term funding and adoption sentiment.
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Although there are still some days left in June, the month has turned out to be one of the worst for the entire cryptocurrency market in recent history.
Before we explore what took place in the past week alone, let’s rewind the clocks to last Friday when the most significant news came from the new Fed Chair Kevin Warsh, who continued Powell’s policy of maintaining the interest rates unchanged and had a hawkish conference after the FOMC meeting. In addition, the promised deal between the US and Iran failed as both parties have yet to reach a permanent agreement.
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