Track the evolution of major financial and economic events
Glassnode co-founder Rafael Schultze-Kraft stated that Bitcoin's recent price dip has entered a rare zone that historically marks market bottoms. Glassnode metrics identify the $46,000 to $54,000 range as the most likely bottom zone for the cryptocurrency. Additionally, Capriole Investments founder Charles Edwards noted that Bitcoin's price has returned to its current production cost level.
US lawmakers are set to discuss new digital asset tax proposals in a House hearing, focusing on 'de minimis' reporting exceptions for transactions. Concurrently, Illinois passed a budget plan including a 0.2% tax on crypto transactions, while Greece is preparing legislation for a 15% capital gains tax. Additionally, the Crypto Council for Innovation launched a coalition to push for regulatory clarity regarding digital asset vaults.
The altcoin market capitalization plummeted to $880 billion following a 22% weekly decline that shook trader confidence. Zcash led the sell-off with a crash of over 40%, while Ethereum's total open interest hit a four-month low of $23.3 billion. Conversely, Binance saw a record high in Ethereum open interest as traders aggressively entered long positions despite the broader market downturn.
Digital markets faced significant volatility as Bitcoin slipped below $62,000 while Zcash plummeted 60% following the discovery of a critical security vulnerability allowing for token counterfeiting. Amidst the downturn, MicroStrategy announced the acquisition of an additional 1,550 BTC worth approximately $100 million. This purchase helped ease investor concerns following a minor sale the previous week, reaffirming the company's long-term investment strategy.
Crypto markets are experiencing their worst weekly performance since July 2024, with Bitcoin breaking through the critical $60,000 psychological and technical support level. The market faces downward pressure from a Zcash exploit and a rotation of capital into the AI sector. Analysts note a growing divergence between Bitcoin and tech stocks as AI spending surges, while Ether prices also approach critical support levels that could determine future market direction.
Hyperliquid experienced a price pullback from record highs after Arthur Hayes exited his HYPE and NEAR positions due to liquidity risks and macro factors. This sell-off occurred below Hayes' recent $150 price target. Concurrently, the UK Financial Conduct Authority (FCA) issued a formal warning against Hyperliquid, flagging it as an unauthorized firm targeting British users and raising consumer protection concerns.
On June 5, Bitcoin confirmed a bearish market structure shift after breaking through several key technical support levels. The cryptocurrency is trading near $63,000 after falling below its 50-day and 100-day moving averages.
On June 4, Bitcoin long bets worth $636 million were wiped out in a single day following a flash crash toward $61,000. Analyst Cryptoinsightuk suggested that XRP is better positioned for a faster rebound than Bitcoin as most downside liquidity has been cleared. MicroStrategy's preferred stock STRC fell to $94.65, marking its first drop below $95 in three months, coinciding with Bitcoin tumbling to the $62,000 level. The market witnessed over $1.66 billion in liquidations during the sell-off.
Investment advisor Ross Gerber criticized Michael Saylor after MicroStrategy sold a portion of its Bitcoin holdings, accusing him of breaking previous commitments to never sell. In response, CEO Phong Le noted that buying Bitcoin remains easier than selling it under the company's current strategy. Despite the criticism, Saylor signaled intent for new acquisitions via a graphic on X, which market experts interpreted as a reliable indicator of forthcoming Bitcoin purchases.
Crypto markets experienced a wave of forced liquidations totaling $1.2 billion over the past 24 hours, primarily dominated by selloffs in leveraged positions of Bitcoin and Ethereum. Altcoins like Solana and Sui faced sharp short-term shocks. Meanwhile, BitMine plans to sell 3 million shares of Series A perpetual preferred stock with a 9.5% annual payout to raise up to $300 million to fund its Ethereum strategy, as the company's paper losses reportedly exceeded $8.5 billion.
MicroStrategy's unrealized losses reached a record high of approximately $10.8 billion as Bitcoin fell below $62,000. The company's Bitcoin position is down about 17% after six years of strategic accumulation. On June 5, the company recorded $11 billion in unrealized paper losses following a sharp decline in Bitcoin prices. Michael Saylor attributed the Bitcoin slide to ETF outflows and capital rotation into AI infrastructure spending.
Coinbase CEO Brian Armstrong noted that key parts of the crypto industry continue to grow despite a recent market downturn where Bitcoin fell nearly 25% over the past month. Strategist John D'Agostino highlighted that sovereign wealth funds and family offices are actively purchasing Bitcoin during these price discounts. The company emphasizes industry resilience amidst the current price volatility.
The crypto market slumped due to record ETF outflows and MicroStrategy sales. Bitcoin experienced a flash crash below $62,000 as liquidations surged to $1.8 billion.
US Treasury Secretary Bessent backs the Clarity Act and the Strategic Bitcoin Reserve. The Treasury Secretary confirmed plans for a Strategic Bitcoin Reserve. The Secretary also signaled rapid progress on the implementation of the Strategic Bitcoin Reserve.
Bitcoin experienced its sharpest daily drop since February, falling below $66,000. This decline occurred amid ETF outflows and institutional selling, as well as military tensions between the US and Iran.
On June 4, MicroStrategy sold 32 bitcoins from its holdings for the first time. This comes as Strive boosts its Bitcoin treasury to 19,000 BTC.
Bitcoin's price fell to its lowest level since April, hitting $66,000 following a wave of selling that resulted in a record $1.44 billion outflow from ETFs. The cryptocurrency market capitalization dropped to $2.22 trillion, reflecting ongoing pressures in the market. Analysts noted that more than half of the circulating Bitcoin is sitting on unrealized losses.
Ethereum's price fell below $2,000 as liquidations in the crypto market accelerated to $1.4 billion. Meanwhile, Ethereum Foundation President Aya Miyaguchi discussed a new mandate amid increasing internal tensions. While analysts forecast a potential surge for Ethereum following unprecedented Bitcoin liquidations, the cryptocurrency faces the risk of losing the key $1,800 support due to weakening demand. However, Ethereum whales are increasing their holdings, with Bitmine purchasing 25,000 ETH as the price drops.
Capital flight from Bitcoin to stablecoins accelerated as the price hit $67,000. The market experienced $1.35 billion in long liquidations, leading to a drop in Bitcoin's price to $66,346.
The White House has set July 4 as the target date for President Trump to sign the CLARITY Act into law to regulate cryptocurrencies. SEC Chair Paul Atkins urged Congress to pass the bill so that both the SEC and CFTC can begin implementation.
On May 29, the CFTC Chairman announced that the crypto perpetual futures market is entering the U.S. after years of operating offshore. Kalshi and Coinbase received permission to bring these futures to U.S. investors. CME Group launched 24/7 trading for Ethereum futures, and VanEck introduced the first U.S.-listed ETF tied to Binance Coin (BNB). The market experienced significant volatility, with the synthetic SpaceX perpetual contract crashing by 45% within 30 minutes, wiping out over $1.5 million in leveraged positions.
Stellar's XLM token surged by over 50% within a single week following the announcement of a strategic partnership with US financial giant DTCC. This partnership was announced on May 29, contributing to increased investor confidence and demand for the token.
The Commodity Futures Trading Commission (CFTC) has approved Kalshi's Bitcoin perpetual futures in a major regulatory shift. This decision marks a significant step in the regulation of the cryptocurrency market.
Bitcoin reclaimed the $73,000 level after hitting a multi-month low. Meanwhile, Bitcoin ETFs experienced a record outflow streak, with investors withdrawing $2.8 billion over a nine-day period.
