Crypto market selloff deepens as Warsh Fed and Ira
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Wintermute said crypto markets absorbed a risk reset before U.S. equities could fully respond, after the Federal Reserve held rates steady and U.S.-Iran talks lost momentum.
The market maker’s June 22 update said Bitcoin fell while stocks were still shielded by the Juneteenth market closure. It framed the move as a timing gap between always-open crypto trading and delayed equity price action.
Meanwhile, the Fed kept its target range at 3.50%-3.75%, but the message around policy changed. Wintermute said the statement became shorter, the easing bias disappeared, and officials moved closer to rate hikes than cuts.
The firm quoted the shift as one reason traders grew more cautious on Bitcoin, Ethereum, and other liquid crypto assets. At the same time, lower oil prices did not remove the rate concern, because markets focused on wider inflation pressure and a Fed that now sounded less willing to guide investors toward future cuts.
Bitcoin traded near the low $60,000s after rising close to $67,000 earlier in the week. Wintermute said $BTC closed down 3.8%, while Ethereum lost 1.2% and altcoins were roughly flat. The firm said the failed signing of the Iran deal forced crypto to price in risk while equity markets were closed.
The update described the move as another leverage flush. Long positions faced far larger losses than shorts, showing that traders had leaned too heavily toward a rebound. Wintermute said Ethereum gave the clearest weak signal after losing the $2,000 area again and moving toward the mid-$1,700s.
As crypto.news reported on June 23, Bitcoin fell to an intraday low near $62,560 before stabilizing around $62,800. The same update said spot Bitcoin ETFs recorded another $68 million in outflows. Analysts cited in the report watched the $62,000 area as near support, with the June low near $59,200 below it.
The Strategy story offered some relief after earlier concern over a 32 $BTC sale. Wintermute noted that the company later bought 1,587 $BTC for about
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