Bitcoin Drops Below $60,000, Facing Rare Back-to-Back Quarterly Losses
Bitcoin falls below $60,000 and is on track to end the second quarter down approximately 12%, marking back-to-back quarterly losses for the first time in its history, according to CoinDesk. Ether and various altcoins suffer even greater declines, raising questions about the market's direction heading into the third quarter.
Current Market Situation
As of the weekend, Bitcoin trades around $59,940, reflecting a decline of nearly 7% for the week and on course to end the second quarter with a roughly 12% drop. This follows a 22% decline in the first quarter, leading to a rare occurrence of consecutive quarterly losses, which has only happened twice before in Bitcoin's history.
Impact on Altcoins
In comparison, altcoins have experienced more severe losses. Ether has fallen about 25% in the second quarter alone, following a 29% decline in the first quarter. Other tokens such as Dogecoin, Hyperliquid's HYPE, and XRP also recorded double-digit weekly losses, with Dogecoin down 11.7% to $0.073 and XRP sliding 8.7% to $1.04. In contrast, Solana remains relatively stable at $70, down 3.5%, while Tron is down just 1.5%.
Factors Influencing the Market
The downturn in the cryptocurrency market can be attributed to several factors. Outflows from U.S. spot Bitcoin exchange-traded funds (ETFs), a hawkish stance from the Federal Reserve, and a strong U.S. dollar nearing a seven-month high have collectively weighed on Bitcoin and the broader crypto market. The typical strong performance of Bitcoin during the second quarter has deviated due to these adverse conditions.
Looking Ahead
Traders are now closely monitoring the market as they head into the third quarter. They are particularly interested in whether ETF outflows will continue and if demand for Bitcoin will stabilize. The consolidation of capital toward semiconductor and memory-chip stocks, driven by the ongoing AI boom, suggests that competition for investor attention may continue to impact cryptocurrency prices.
Given the unusual trend of both Bitcoin and Ether entering the third quarter with losses, market participants remain vigilant about any signs of recovery or persistent weakness in the crypto markets.
Summary based on original reporting by Shaurya Malwa at CoinDesk, originally published Jun 28, 2026. SolanaWire does not republish source content.
Stablecoin Founders Concentrated in U.S. as Global Volume Surges
The stablecoin transaction volume surpassed $28 trillion in 2025, revealing a disparity between where stablecoins are most used and where their founders are based. While emerging markets like Nigeria and Argentina drive this volume demand, most stablecoin founders and venture capital are concentrated in the U.S. and Europe, according to a report by Decrypt.
17 hours ago·Decrypt·Reported by Alex Witt
Robinhood Layoffs Reflect Crypto Market Sentiment Amid Restructuring
Robinhood’s recent layoffs highlight trends in the crypto investment landscape, indicating a shift towards a late bear market, according to analysis by Altcoin Pro's Ryan Horst, Nick Anderson, and Joni Zhuleku featured in CoinDesk. The restructuring, linked to declining trading volume and reduced market confidence, underscores the correlation between tech layoffs and crypto cycles.
17 hours ago·CoinDesk·Reported by Ryan Horst
Tether Expands $23 Billion Gold Reserve with Bullion-Backed Loans
Tether plans to enhance the utility of its $23 billion gold reserve by offering bullion-backed loans to holders of Tether Gold (XAUT), as reported by CoinDesk. This initiative allows users to borrow against their gold holdings, similar to existing bitcoin-backed lending services.
19 hours ago·CoinDesk·Reported by Jamie Crawley
Jeremy Grantham Critiques Bitcoin, Predicts Crypto Will Fade
Billionaire investor Jeremy Grantham expresses skepticism toward Bitcoin and the broader cryptocurrency market, describing it as a "useless, speculative mechanism". Grantham predicts that cryptocurrency will gradually decline without much notice, as reported by Decrypt.
19 hours ago·Decrypt·Reported by Logan Hitchcock
Trending this week
Binance Withdraws Greek MiCA Bid, Pursues Alternative EU License
Binance has officially withdrawn its application for a Markets in Crypto-Assets (MiCA) license in Greece and will seek authorization in another EU member state, as reported by CoinDesk. The company faces a deadline of July 1 to secure a license or cease operations across the European Union.
4 days ago·CoinDesk·Reported by Olivier Acuna
Aave and Internet Computer Lead Performance in CoinDesk 20 Update
On June 24, 2026, Aave (AAVE) recorded a gain of 5.9% in the CoinDesk 20 Index, which increased 0.5% overall, according to CoinDesk. Internet Computer (ICP) also performed well, rising by 2%.
4 days ago·CoinDesk·Reported by CoinDesk Indices
Securitize Plans to Raise $400 Million Ahead of NYSE Listing
Securitize aims to raise approximately $400 million through a merger with Cantor Fitzgerald-backed SPAC, set to close on July 1, pending shareholder approval. The tokenization firm is poised to list on the New York Stock Exchange under the ticker SECZ, as the market for tokenized real-world assets expands significantly, according to CoinDesk.
2 days ago·CoinDesk·Reported by Krisztian Sandor
U.S. Senate Passes Housing Bill Featuring CBDC Ban
The U.S. Senate has approved a housing bill that includes a four-year ban on central bank digital currencies (CBDCs), as reported by CoinDesk. The measure is part of a bipartisan effort, with hopes that the House of Representatives will follow suit and send it to President Donald Trump for signature.
5 days ago·CoinDesk·Reported by Jesse Hamilton