And selling pressure weighed on Tether (USDT), which lost its peg to the U.S. dollar on most exchanges Thursday, falling to 99 cents in its biggest drop since November.
The slide began late Wednesday, after the Federal Reserve concluded its June meeting and decided to leave interest rates unchanged for now but said there are two more in sight later this year. Stocks were under pressure as news broke, but cryptocurrency prices remained flat until after the close.
“This has little to do with the FOMC, and more to do with thinner liquidity and weak sentiment,” said Michael Safai, managing partner at Dexterity Capital. “Given how thin trading volumes are at the moment, a sizable (but not massive) sell order is enough to set off liquidations.”
“Traders are more inclined to keep their money off the table in the midst of this regulatory backlash, especially when it comes to altcoins, so there isn’t going to be much new capital flowing in to buoy prices so readily,” he added.
Bitcoin (BTC) was flat this week before dropping after the stock market close Wednesday.
Price action has been tepid this week while sentiment has been negative after the Securities and Exchange Commission put a bigger chill on the industry when it sued Coinbase and Binance and called into question the regulatory status of several popular coins they deemed “crypto asset securities.” That was just the latest development in an ongoing crackdown by regulators that’s weighed on the industry since the start of the year.
“Further confusion about the legality of popular altcoins is keeping capital on the sidelines, and it’ll take a long run of good news or no news to get traders feeling excited about a recovery,” Safai said. “Bitcoin prices will stay relatively rangebound between $25,000 and $27,000 until the next set of regulatory headlines tell us whether we’re heading towards resolution or even more obfuscation.”
A Tesla robotaxi drives on the street along South Congress Avenue in Austin, Texas, on June 22, 2025
Joel Angel Juarez | Reuters
Tesla was contacted by the National Highway Traffic Safety Administration on Monday after videos posted on social media showed the company’s robotaxis driving in a chaotic manner on public roads in Austin, Texas.
Elon Musk’s electric vehicle maker debuted autonomous trips in Austin on Sunday, opening the service to a limited number of riders by invitation only.
In the videos shared widely online, one Tesla robotaxi was spotted traveling the wrong way down a road, and another was shown braking hard in the middle of traffic, responding to “stationary police vehicles outside its driving path,” among several other examples.
A spokesperson for NHTSA said in an e-mail that the agency “is aware of the referenced incidents and is in contact with the manufacturer to gather additional information.”
Tesla Vice President of Vehicle Engineering Lars Moravy, and regulatory counsel Casey Blaine didn’t immediately respond to a request for comment.
The federal safety regulator says it doesn’t “pre-approve new technologies or vehicle systems.” Instead, automakers certify that each vehicle model they make meets federal motor vehicle safety standards. The agency says it will investigate “incidents involving potential safety defects,” and take “necessary actions to protect road safety,” after assessing a wide array of reports and information.
NHTSA previously initiated an investigation into possible safety defects with Tesla’s FSD-Supervised technology, or FSD Beta systems, following injurious and fatal accidents. That probe is ongoing.
The Tesla robotaxis in Austin are Model Y SUVs equipped with the company’s latest FSD Unsupervised software and hardware. The pilot robotaxi service, involving fewer than two-dozen vehicles, operates during daylight hours and only in good weather, with a human safety supervisor in the front passenger seat.
The service is now limited to invited users, who agree to the terms of Tesla’s “early access program.” Those who have received invites are mostly promoters of Tesla’s products, stock and CEO.
While the rollout sent Tesla shares up 8% on Monday, the launch fell shy of fulfilling Musk’s many driverless promises over the past decade.
In 2015, Musk told shareholders Tesla cars would achieve “full autonomy” within three years. In 2016, he said a Tesla EV would be able to make a cross-country drive without needing any human intervention before the end of 2017. And in 2019, on a call with institutional investors that helped him raise more than $2 billion, Musk said Tesla would have 1 million robotaxi-ready vehicles on the road in 2020, able to complete 100 hours of driving work per week each, making money for their owners.
None of that has happened.
Meanwhile, Alphabet-owned Waymo says it has surpassed 10 million paid trips last month. Competitors in China, including Baidu’s Apollo Go, WeRide and Pony.ai, are also operating commercial robotaxi fleets.
Runway is best known for its AI video-generation tools and earned a spot on CNBC’s Disruptor 50 list earlier this month.
The deal talks between Meta and Runway did not progress far and dissolved, according to a person familiar with the matter who asked not to be named due to the confidential nature of the discussions.
Bloomberg earlier reported the talks. Meta declined to comment.
Read more CNBC tech news
Meta CEO Mark Zuckerberg has been aggressively pushing to bolster his company’s AI efforts in recent months. The social media giant invested $14.3 billion into Scale AI in June, and it has also approached the startups Safe Superintelligence and Perplexity AI about potential acquisitions this year.
Meta agreed to a 49% stake in Scale AI and hired away founder Alexandr Wang along with a few other employees from the company.
While Meta was unsuccessful in its efforts to buy Superintelligence outright, Daniel Gross, the company’s CEO, and former GitHub CEO Nat Friedman are joining Meta’s AI efforts, where they will work on products under Wang.
A woman walks past a logo of WhatsApp during a Meta event in Mumbai, India, on Sept. 20, 2023.
Niharika Kulkarni | Nurphoto | Getty Images
Meta is pushing back against a ban on WhatsApp from government devices.
The chief administrative officer, or CAO, of the U.S. House of Representatives told staffers on Monday that they are not allowed to use Meta’s popular messaging app. The CAO cited a lack of transparency about WhatsApp’s data privacy and security practices as the reason for the ban, according to a report by Axios that cited an internal email from the government office.
The CAO told House staff members in the email that they are not allowed to download WhatsApp on their government devices or access the app on their smartphones or desktop computers, the report said. Staff members must remove WhatsApp from their devices if they have the app installed on their devices, the report said.
“Protecting the People’s House is our topmost priority, and we are always monitoring and analyzing for potential cybersecurity risks that could endanger the data of House Members and staff,” U.S. House Chief Administrative Officer Catherine Szpindor told CNBC in a written statement.
Meta spokesperson Andy Stone on Monday responded to the report via a post on X, saying the company disagrees “with the House Chief Administrative Officer’s characterization in the strongest possible terms.”
“We know members and their staffs regularly use WhatsApp and we look forward to ensuring members of the House can join their Senate counterparts in doing so officially,” Stone said.
In a separate X post, Stone said WhatsApp’s encrypted nature provides a “higher level of security than most of the apps on the CAO’s approved list that do not offer that protection.”
Some of the messaging apps the CAO said are acceptable alternatives to WhatsApp include Microsoft Teams, Signal and Apple’s iMessage, the Axios report said.
Meta is currently embroiled in an antitrust case with the Federal Trade Commission over the social media company’s acquisitions of WhatsApp and Instagram.