Odaily News JPMorgan Chase said in a research note on Monday that the total market value of cryptocurrencies fell 8% in June to around $2.25 trillion, reversing most of the gains in May. "The market value of tokens, DeFi, and NFTs all retreated in June," analyst Kenneth Worthington wrote. Data showed that daily spot crypto trading volume fell 18% from the previous month, "March 2024 was the peak of the crypto ecosystem in the current cycle from a valuation and trading volume perspective." The bank noted that this trend was in stark contrast to traditional markets, with the S&P 500 up 4% and the tech-heavy Nasdaq up 6% that month. However, the report added that stablecoins outperformed other crypto sectors in June, mainly driven by USDT. (CoinDesk)