Crypto Market Sheds $13.58B as BTC Slides to $75K, Kyrgyzstan Launches Gold-Backed Stablecoin
Bitcoin Crypto Crypto Market Sheds $13.58B as BTC Slides to $75K, Kyrgyzstan Launches Gold-Backed Stablecoin The total Bitcoin market and broader digital assets shed roughly $13.58 billion in 24 hours as capital rotated into US equities after the S&P 500 printed a fresh 52-week high above 7,539. Total crypto market capitalization closed at $2.50 trillion, down 0.55%, and decisively cracked the 0.382 Fibonacci support at $2.53 trillion. Bitcoin slipped to $75,202, breaking key technical levels, while Near Protocol led downside performers with a roughly 10% retracement after its April-May rally. Long liquidations dominated the unwind, with $241.31 million in long positions erased against $103.52 million in shorts across 92,264 traders. Kyrgyzstan has emerged as an unlikely Eurasian crypto hub, rolling out a state-issued stablecoin backed by physical gold and constructing a sovereign vault to anchor reserves. The Ministry of Finance received roughly $100 million to acquire blockchain-ready gold backing for the dollar-equivalent token, which trades under the USDKG ticker and recently secured a listing on OSL Hong Kong. Binance founder Changpeng Zhao reportedly holds a Kyrgyz passport and advises President Sadyr Japarov on digital asset policy. Two state stablecoins are now active, positioning the republic as a regional alternative to Russias more restrictive