Bitcoin has fallen below $60,000, reaching an intraday low of $59,743, as the broader crypto market experiences a significant downturn. Over the past seven days, Bitcoin has declined by 19.3%, with total crypto market value erased by approximately $200 billion. Long-term holders have realized substantial losses, with $2.4 billion in losses recorded over 48 hours ending June 5, 2026, as the price breached the Short-Term Holder Realized Price. Factors contributing to the slump include ETF outflows, Mt. Gox creditor repayments, and macroeconomic pressures. Ethereum has also fallen below $1,700, and XRP is nearing $1.10 amid selling pressure.

Bitcoin's price has dropped below $60,000, as persistent outflows from Bitcoin ETFs have reversed the demand recovery seen in March and April. Institutional capital appears to be moving against the cryptocurrency, which is trading below its Nasdaq-implied value. This suggests a divergence in investor sentiment compared to AI-driven tech assets. Meanwhile, MicroStrategy co-founder Michael Saylor advocates for a 'disciplined expansion' of Bitcoin through traditional financial markets, emphasizing the preservation of its base layer amidst current market sell-offs and ETF outflows. Separately, XRP dominance is holding support levels, though its price remains weak, with analysts anticipating potential volatility by July.

Cardano founder Charles Hoskinson has denied rumors of his exit from the ecosystem, attributing his reduced public presence to a toxic social media environment, especially on X. He asserts his focus remains on Cardano's technological advancement, not the price of its native token, ADA. Meanwhile, Forward Industries has moved 455,784 SOL, worth $31.87 million, to Coinbase Prime. This move comes as the company holds 6.83 million SOL with a significant unrealized loss of $1.13 billion, sparking speculation about potential sales.

A federal criminal case is investigating a kidnapping and carjacking tied to the theft of hundreds of millions of dollars in bitcoin, with the U.S. Department of Justice emphasizing cryptocurrency disputes as a central focus. Separately, Chilean authorities have dismantled an 18-member money laundering ring, linked to the Tren de Aragua cartel, that laundered approximately $88 million using bank accounts, shell companies, and cryptocurrency remittances. These cases highlight the increasing use of digital assets in serious criminal activities, from violent crimes to large-scale financial fraud.

Illinois lawmakers have passed a budget bill including a 0.2% tax on cryptocurrency transactions, set to take effect in fiscal year 2027 and collected by registered digital asset brokers. This measure is part of a larger $56 billion state budget. Meanwhile, a U.S. House panel is circulating draft bills to clarify crypto tax treatment for stablecoins, staking, and mining, and is considering a de minimis reporting exception for small transactions to ease burdens on crypto holders.

The Solana-based meme coin launchpad Pump.fun is facing criticism for its new bounty platform, which incentivizes extreme marketing stunts for crypto rewards. Tasks posted on the platform include actions like forehead tattoos of token symbols and setting vehicles on fire, with submissions reviewed by Pump.fun and funds held in escrow. Meanwhile, CME Group CEO Terry Duffy has expressed strong concerns about newly approved US-regulated perpetual futures contracts for cryptocurrencies, warning they could lead to a disaster due to excessive leverage, drawing parallels to the lead-up to the 2008 financial crisis.

Tokenizing SpaceX is emerging as a notable trend in cryptocurrency, with interest growing in applying blockchain to traditional assets. However, this trend faces headwinds as XRP has seen a 6% slide amid concerns that cryptocurrencies could be negatively impacted by a potential SpaceX Initial Public Offering (IPO). This highlights financial market vulnerabilities tied to major upcoming events, suggesting a cautious outlook for crypto assets linked to such developments.

Ether (ETH) has fallen to a 13-month low, trading below $1,600 and hitting $1,540. This sharp decline is attributed to a critical vulnerability discovered in the Zcash cryptocurrency and a broader selloff in the crypto market, which saw Bitcoin drop below $60,000. Concerns over weakness in ETH derivatives markets are also contributing to fears of further price corrections.

BitMine Immersion Technologies has priced an upsized offering of preferred stock, raising approximately $273.8 million in net proceeds. The company plans to use these funds to acquire more Ethereum (ETH), expand its staking and validator infrastructure, and for general working capital. The preferred stock, which carries a 9.50% dividend rate, will be listed on the NYSE under the ticker BMNP.

A cryptocurrency scam network based in Albania has defrauded 19 French citizens of approximately €1.5 million. The fraudsters employed fake investment platforms and psychological manipulation, impersonating American financial advisors. A joint investigation led to the arrest of five Albanian nationals involved in the scheme. The victims lost significant sums through these fraudulent activities.

Amir Haleem has stepped down as CEO of Nova Labs, the company behind the decentralized wireless network Helium, transitioning to the role of chairman. Mario Di Dio has been appointed as the new CEO. This leadership change comes as the network's native token, HNT, has experienced a significant decline, falling 99% from its all-time high. The company aims to navigate these challenges under new leadership.

Chainlink's Cross-Chain Interoperability Protocol (CCIP) has experienced a significant surge in adoption, attracting over $1.1 billion in token value within a single week. This rapid inflow is directly linked to recent integrations by several new protocols, including Virtuals Protocol, Pleasing Market, and Zest Protocol. The development underscores a growing trend towards the utilization of cross-chain messaging solutions in the blockchain ecosystem.

SEC Commissioner Hester Peirce asserts that publishing open-source blockchain code is protected by the First Amendment. She argues that developers of decentralized finance (DeFi) code should not be automatically considered securities intermediaries. Peirce believes legal liability should target individuals engaged in unlawful conduct, rather than the creators of the underlying tools. This stance suggests a more nuanced view on regulating the rapidly evolving DeFi space, potentially shielding developers from broad regulatory overreach.

Reform UK, a political party led by Nigel Farage, has received significant financial backing from cryptocurrency figures, totaling $12.5 million in the first quarter of 2026. Crypto billionaires Christopher Harborne and Ben Delo were major contributors, donating $9.4 million combined. The party has shown openness to cryptocurrency donations and has proposed reducing capital gains tax on crypto assets.

Perpetual futures, a type of crypto derivative that allows speculation on asset prices without an expiry date, have officially launched in the United States. This move significantly expands the range of crypto-related financial products available to U.S. investors. However, the introduction has faced apprehension from some Wall Street segments concerned about the potential risks of these complex instruments.

Visa is piloting a private stablecoin settlement system on the Canton Network, collaborating with Brale. This initiative explores the use of privacy-enabled blockchain technology for institutional payments. The goal is to determine if stablecoins, such as Brale's SBC, can facilitate efficient on-chain settlement while keeping sensitive transaction details confidential. The test focuses on the potential for enhanced privacy in financial transactions.

Dogecoin and Shiba Inu have seen their values drop by 9% amid heavy trading and liquidations, signaling a broader risk-off sentiment in the cryptocurrency market. This downturn coincides with Bitcoin nearing the $60,000 threshold. The decline in these popular memecoins suggests a shift away from speculative assets as market conditions become more uncertain.

Tether (USDT) has emerged as the dominant stablecoin in Latin America, holding nearly 100% market share in most countries, according to a report by Oobit. The stablecoin functions as the region's de facto dollar proxy, with its usage in stablecoin transactions mirroring that of cash transactions. This widespread adoption highlights the significant role USDT plays in the financial landscape of Latin America, offering a dollar-equivalent asset in economies often facing currency volatility.

Mastercard CEO Michael Miebach announced that consumer spending growth is broad across all income levels. This indicates a resilient economy or a widespread recovery. The company's data suggests that consumers at all income brackets are increasing their spending, defying expectations of a more bifurcated economic picture.

Vantage Bank CEO Jeff Sinnott and Custodia CEO Caitlin Long are recognized as the top two most innovative people in finance by American Banker. Their collaboration on a tokenized deposit and stablecoin network is currently undergoing live testing. This recognition highlights their leadership in exploring new financial technologies and their potential impact on the industry.