Bitcoin (BTC) fell about 1% over the past 24 hours, trading at $106,175, as traders took profits after the cryptocurrency ended June above $107,000 for its highest-ever monthly close. The decline mirrored weakness in U.S. tech stocks, with Tesla (TSLA) and Nvidia (NVDA) both posting heavy losses, dragging the Nasdaq lower by about 0.6%.
Major altcoins, including Solana (SOL), Cardano (ADA), and Avalanche (AVAX), posted steep declines, adding to a broader downturn across the crypto space. SOL led the way with a 6% drop following yesterday's spike on news of an imminent ETF launch.
Federal Reserve Chairman Jerome Powell reiterated a patient stance on rate cuts, maintaining that the U.S. economy is in a good spot. However, a split within the Fed has emerged, with some members advocating for a July rate cut.