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Crypto markets wobble after hawkish Fed outlook in Kevin Warsh's first FOMC meeting
Major cryptocurrencies edged lower on Wednesday after the Federal Reserve held interest rates steady but released hawkish economic projections in Kevin Warsh's first meeting as chair. Bitcoin traded around $64,150, down roughly 2.2% over the past 24 hours, while ether fell 3.6%.
"Taken together, the picture is one of a crypto market absorbing a hawkish macro backdrop while rotation and genuine demand continue to surface in the strongest names," said Matt Mena, senior crypto research strategist at 21Shares.
Fidelity, State Street Enter Stablecoin Market With Compliant Reserve Management Funds
idelity Investments is the latest Wall Street firm seeking a role in one of the fastest-growing corners of digital assets: managing the reserves that back stablecoins.
The asset manager is launching the Fidelity Reserves Digital Fund, a money market fund designed for stablecoin issuers and institutional investors under the reserve requirements established by the recently enacted GENIUS Act, on Thursday.
The launch comes just days after State Street unveiled a similar product, the State Street Stablecoin Reserves Money Market Fund, underscoring how traditional financial firms are increasingly competing for a market that could swell into the trillions of dollars if stablecoins become a larger part of the global financial system.
Moody’s rolls out credit ratings on Solana in tokenized asset push
Moody's Ratings is rolling out its credit ratings to Solana (SOL), allowing issuers of tokenized bonds and other fixed-income securities to embed the firm's assessments directly into blockchain-based assets.
The move, announced Wednesday in partnership with Solana-focused tokenization specialist Alphaledger, expands Moody's Token Integration Engine (TIE) to a major public blockchain after its first deployment earlier this year on the institutional-focused Canton Network (CC).
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Wednesday was $51.40 million. The total net asset value of Bitcoin spot ETFs is $81.41 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 2.41%.
The Bitcoin spot ETF with the highest net outflow on June 17 was ARK 21Shares Bitcoin ETF, with a net outflow of $43.53 million, according to SoSoValue.
Source: SoSoValue
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