Market Outlook

The Fitch report suggests that the turmoil also could have the potential to spread to traditional markets.

The company contemplates acquisitions in Argentina, Chile, Colombia and Mexico.

The decision was made based on "changing market conditions."

"Soccer tournaments are continuing worldwide and drawing more attention away from retail crypto trading," one trader said.

“Despite there being a sign in the recent bear market that investors are scared off, we don’t see massive outflow from institutional users,” one crypto exchange executive said.

The majority of the reduction stemmed from China's move to shut down cryptocurrency mining operations in the country, with a little bit from Iran.

Bitcoin's second-quarter decline looks like a technical pullback, one observer said.

The metric is tied to miners and may be distorted by China's mining ban.

Tehran's province, which houses the country's capital and center of political power, has received only one license.

Concerns about the extent of the China crackdown have contributed to the past months' decline in bitcoin's price to about $34,200.

Eric Rosengren included the stablecoin among what he termed new disruptors to short-term credit markets.

LedgerPrime's crypto quant fund is up 78% thanks to price discrepancies in the spot and derivatives markets.