Crypto June 29: BTC loses 60K again, fear at 12

Global crypto market on June 29: Bitcoin loses $60,000 again, Fear Index slides to 12

On Monday, June 29, the crypto market opened the new week in the red - Bitcoin once again lost the psychologically important $60,000 level, opening trade around $59,500 and swinging within the $59,500-$59,800 range during the day. Ethereum held around $1,565, while almost all major altcoins traded in losses. The Fear and Greed Index slid sharply to 12 points - deep in the "extreme fear" zone and its lowest level in several weeks. In the background, three significant developments took hold: the EU moved toward harsh penalties for MiCA violators, the Bank for International Settlements warned about stablecoin risks, and the crypto market prepared to close the second quarter firmly in the red.

Market overview

June 29 confirmed the downtrend that began in mid-June. Bitcoin opened Monday around $59,496 - 0.7% lower than Sunday - and although it briefly recovered to about $59,800 in the morning, the coin could not reclaim the $60,000 mark. Most market sources logged Bitcoin around $59,580 (-0.75% on the day). The price weakness continued to be driven by the same factors that dominated all week: record outflows from Bitcoin exchange-traded funds, concern over higher interest rates in the second half of the year, a stronger dollar, and investors pivoting toward AI-related stocks.

A positive sign was the drop in liquidation volume: over the past 24 hours the market saw only about $206 million in forced liquidations (of which roughly $150 million came from long positions), a sharp decline from more than $1 billion late last week. Daily trading volume nonetheless rose, exceeding $105 billion - more than $10 billion higher than the previous day.

Ethereum traded around $1,565, practically unchanged from Sunday but still well below recent reference levels. Total crypto market capitalization shrank to about $2.03-$2.05 trillion, while Bitcoin dominance held around 58.7%. The Fear and Greed Index, which was around 24 points at the start of the previous week, slid to 12 on Monday - one of the lowest readings in this market cycle and a clear signal of deep pessimism.

Top 15 coins on June 29

In Monday's decline, almost all top coins traded in the red. Among the rare exceptions were two "old guard" coins - Bitcoin Cash (BCH) and Litecoin (LTC) - which posted a modest gain of around +0.5% during the day. In the broader market, XRP and Solana were relatively more resilient, losing less ground than most altcoins.

1. Bitcoin (BTC) ▼ ~$59,580 (-0.75% on the day)

Bitcoin once again lost the $60,000 support, opening trade around $59,496 and swinging within the $59,500-$59,800 range during the day. Technical analysts noted the coin risked closing the week below its 200-week moving average, with lower support holding around $58,000.

2. Ethereum (ETH) ◆ ~$1,565 (slightly lower)

Ethereum traded around $1,565, practically unchanged from the previous day but remaining among the weaker large-cap assets on a weekly basis.

3. Tether (USDT) ◆ ~$1.00 (stable)

USDT held parity, continuing to serve as the market's liquidity backbone. Its market cap stayed around $188 billion.

4. XRP ◆ ~$1.04 (relatively resilient)

XRP traded around $1.04, losing less than most altcoins. The market remained supported by institutional interest tied to spot ETF product growth.

5. BNB ▼ ~$553 (slightly lower)

BNB traded around $553, following the broader downtrend sentiment.

6. Solana (SOL) ▼ ~$70.4 (-0.8% on the day)

Solana traded around $70.4, showing relative resilience compared with other higher-beta assets and reflecting continued confidence in its ecosystem's development activity.

7. USDC ◆ ~$1.00 (stable)

USDC held a steady parity, with its market cap around $73.7 billion - a regulated liquidity alternative.

8. Dogecoin (DOGE) ▼ ~$0.073 (lower)

DOGE traded around $0.073, remaining among the week's weakest coins after a sharp reaction to deteriorating sentiment.

9. TRON (TRX) ◆ ~$0.278 (stable)

TRON held steady around $0.278, reflecting stable demand for network stablecoin transfers.

10. Cardano (ADA) ▼ ~$0.375 (lower)

Cardano eased to about $0.375, trading close to multi-month lows.

11. Hyperliquid (HYPE) ▼ ~$24.7 (slightly lower)

HYPE traded around $24.7, giving back part of its weekend levels.

12. Chainlink (LINK) ▼ ~$10.2 (lower)

Chainlink traded around $10.2, easing in the broader decline.

13. Stellar (XLM) ◆ ~$0.288 (stable)

XLM traded around $0.288, remaining among the week's weaker top coins.

14. Avalanche (AVAX) ▼ ~$15.2 (lower)

Avalanche eased to about $15.2, following the broader weakness in risk assets.

15. Toncoin (TON) ◆ ~$2.28 (stable)

Toncoin traded around $2.28, closing the top 15 with an almost unchanged daily performance.

Stablecoins

Stablecoins continued to play the role of liquidity backbone in the uncertain market. USDT and USDC held parity - Tether's market cap stayed around $188 billion, while Circle's USDC was about $73.7 billion. The segment nonetheless drew attention after a warning from the Bank for International Settlements (BIS): the currently roughly $316 billion stablecoin market could, in the bank's view, fragment the global monetary system and weaken governments' control over monetary policy. The BIS stressed that stablecoins lack essential institutional features needed to serve reliably as money at large scale.

NFT market

The NFT market remained quiet, reflecting the general low risk appetite. Trading volumes in leading collections stayed low as investors focused on more liquid assets. The broader digital art and collectibles segment continues to operate well below its 2024-2025 activity peaks, although some "blue chip" collections maintain a stable price floor.

ETF flows and institutional activity

The ETF space continued to be defined by the historic outflow record. U.S. spot Bitcoin ETFs registered about $4.06 billion in net outflows in June - the largest monthly redemption since the products launched in 2024, surpassing the previous record of $3.56 billion set in February 2025. In the final stretch of the previous week alone, more than $444 million of Bitcoin was sold across various products, bringing the week's total outflows above $1.7 billion. After May's $2.43 billion outflow, the two-month total reached nearly $6.5 billion. This collapse in institutional demand was reflected directly in Bitcoin's price, which fell about 30% in the first half of the year.

Monday marked the start of a new trading week, and market participants awaited fresh ETF flow data to see whether outflows would continue into July. Institutional players, including Strategy and other corporate Bitcoin holders, remained in focus amid the selling pressure.

Privacy coins

The privacy coin segment was not at the epicenter of events on June 29 and followed the broader downtrend sentiment. Regulatory pressure on anonymous assets persists, especially with the MiCA enforcement deadline approaching, but with no significant new developments the segment traded quietly, in line with the broader market.

Security incidents

No major large-scale hacks were reported on June 29, but infrastructure stability came into focus: Coinbase's Base network experienced an outage of about two hours following a single invalid block that briefly froze operations. The incident was a reminder of centralized sequencer risks on layer-two networks. Investors are still advised to exercise caution, using only trusted platforms and protecting their private keys.

Regulatory news

A decisive moment is approaching for the European market: on July 1 the MiCA enforcement deadline takes effect, by which crypto platforms must have obtained a CASP authorization or cease operations. On Monday the situation was intensified by a new proposal from the European Banking Authority (EBA): a consultation paper published on June 26 proposed a penalty calculation framework for MiCA violators, under which fines could reach up to 12.5% of a company's annual revenue for asset-referenced token (ART) issuers and up to 10% for electronic money token (EMT) issuers. Alternatively, regulators could impose a fine equal to twice the profit gained from the violation.

The scale remained alarming: by the start of the week only about 200 crypto firms out of more than 3,000 had obtained a MiCA licence. In the Baltic and Northern European markets the situation was especially striking - Estonia, once one of Europe's largest crypto licensing hubs, had shrunk to about 40 licensed companies, while in Lithuania the transition period ended back on January 1, 2026. Experts warned that the deadline could force hundreds of thousands of European users off non-compliant exchanges.

Macroeconomic context

The macroeconomic environment remained the main headwind for crypto. At the June 16-17 FOMC meeting, the Federal Reserve under new Chair Kevin Warsh kept the interest rate at 3.50-3.75%, but the updated "dot plot" effectively eliminated hopes for a rate cut in 2026. A stronger dollar and investors pivoting toward AI-related stocks continued to divert capital away from risk assets. Under these conditions, closing the second quarter in the red confirmed that crypto remains under prolonged macroeconomic pressure, making the first half of 2026 a rare period of consecutive losses for both Bitcoin and Ethereum.

Key figures - June 29

• Bitcoin: ~$59,580 (-0.75% on the day), lost $60,000 again, opened ~$59,496
• Ethereum: ~$1,565 (slightly lower)
• Bitcoin dominance: ~58.7%
• Total market cap: ~$2.03-$2.05T
• Fear and Greed Index: 12 (extreme fear), down from ~24 at the start of the week
• Liquidations: $206M over the past 24h ($150M long positions)
• Trading volume: >$105B (+$10B on the day)
• Spot Bitcoin ETF: ~$4.06B June outflow - monthly record; May+June ~$6.5B
• Stablecoins: USDT ~$188B, USDC ~$73.7B; BIS warns about the ~$316B market
• Regulation: EBA proposes penalties up to 12.5% of revenue; MiCA deadline July 1, ~200 of 3,000 licensed

This article was prepared by artificial intelligence and reviewed and fact-checked by the Norriwire editorial team. It is not financial advice. Cryptocurrency markets are extremely volatile - always do your own research before making decisions.

Sources

• Yahoo Finance - Bitcoin and ethereum prices today, Monday, June 29, 2026
• 99Bitcoins - Crypto News Today (June 29): BTC Loses $60K Again, EU Goes After MiCA Violators, BIS Stablecoin Warning
• Crypto Economy - Spot Bitcoin ETFs Head Toward Their Worst Month on Record With $4 Billion Pulled
• Coinpedia - Dogecoin, XRP and Solana Split From the Pack in Crypto's Worst June Week
• Yahoo Finance - July 1 MiCA Deadline Looms: More Than 80% of EU Crypto Firms Still Unlicensed