JP Morgan: Crypto Market Cap Fell by $18 Billion in June

IconCryptoNewsTerminal Staff08 Jul, 2024

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JP Morgan: Crypto Market Cap Fell by $18 Billion in June

JP Morgan recently released a report stating that the total crypto market cap fell by 8% ($18 billion) in June. This gives back most of its May gains and contrasts with the 4% gain for the S&P 500 and a 6% gain for the Nasdaq over the same period. The report suggests that the crypto market may have reached its peak in the March cycle, in terms of both crypto valuations and trading volumes. However, the outlook is not all gloomy for crypto. The market cap of stablecoins rose modestly in June. And the market cap of publicly traded bitcoin miners rose by about 19%.