Bitcoin Price Crashes To Precarious Position Near $65,000 As Momentum Rotates Into AI, IPOs

Bitcoin price is holding a risky position near $65,000 Wednesday, down roughly 12% over the past seven days and trading at its lowest level since February as a broad rotation out of crypto into competing speculative trades chips away at the foundation of its recent bull run. 

The world’s largest cryptocurrency touched a bitcoin price of $65,158 earlier in the session before a partial recovery, but analysts and strategists say the weakness runs deeper than any single catalyst.

The most popular explanation — that Strategy’s (MSTR) first bitcoin sale in four years triggered the slide — is being challenged by a growing chorus of market voices. 

Charles Schwab director…

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Bitcoin Is In ‘Purge Mode’, Bloomberg’s McGlone Warns: Next Stop—$50,000

Bitcoin in “Purge Mode“

Speaking in a CoinTelegraph interview on June 2, McGlone argued Bitcoin remains stuck in a broader “purge mode,” with the next major support zone likely around $50,000 before potentially falling toward $10,000 longer term.

Why McGlone Is Worried

McGlone pointed to several macro indicators that he believes signal elevated systemic risk:

U.S. stock market capitalization-to-GDP ratio reaching the highest level since 1928

Gold volatility surging above S&P 500 volatility

Bitcoin-to-gold ratio weakening sharply

Crypto persistently underperforming equities

He described Bitcoin as one of his “favorite leading indicators” for broader market stress since its…

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Blockware Appoints Megan Brooks-Anderson As Chief Executive Officer

HOUSTON, Texas – June 3, 2026 – Blockware, a vertically integrated infrastructure platform spanning AI/HPC compute, Bitcoin mining, data center hosting, and marketplace liquidity, has named Megan Brooks-Anderson as its new Chief Executive Officer. The appointment follows the board’s removal of Mason Jappa from the role.

Brooks-Anderson comes to the CEO seat after serving as Blockware’s Chief Strategy Officer, and is one of the architects of the very direction she’s now been tapped to execute. She brings more than 20 years of experience across Bitcoin mining, public and private company operations, risk management, M&A, and internal controls. Before Blockware, COO at Riot…

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Bitcoin Falls To $65,000s As Ethereum, XRP, Dogecoin Drop Up To 4% In Crypto Meltdown

Bitcoin dropped towards $65,000 on Wednesday as crypto markets face a wave of ETF outflows, more than $1 billion in liquidations, and worsening fear sentiment.

Notable Statistics:

Coinglass data shows 202,991 traders were liquidated in the past 24 hours for $ $1.14 billion.       

SoSoValue data shows net outflows of $519.2 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $90.2 million.

In the past 24 hours, top gainers include Worldcoin, Ethena and Audiera.

Notable Developments:

Trader Notes:

Trader Cryptollica explained that Bitcoin’s monthly Bollinger Band Width has dropped to its lowest level ever, signaling extreme market compression and…

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Scott Bessent Says Bitcoin Reserve Moving At Deliberate Speed As ‘Big Announcement’ Remains Elusive

Treasury Secretary Scott Bessent told Senate lawmakers Wednesday that the Strategic Bitcoin Reserve is moving forward and pressed them to pass the CLARITY Act before summer recess.

Bessent Wants CLARITY Act Done This Summer

Speaking at a Senate Finance Committee hearing on the 2027 budget, Bessent urged lawmakers to get behind the CLARITY Act and push it across the finish line before August.

The House passed the bill last year, but lawmakers have stalled it in the Senate over stablecoin yield provisions, software developer protections, and conflicts of interest related to President Trump’s crypto ventures.

“It’s very necessary to bring U.S. best practices onshore, and we work tirelessly…

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The Canary In The Coal Mine

State regulators have been quietly banning Bitcoin ATMs. An entire subsection of the Bitcoin ecosystem is being deemed illegal and shut down. And since there’s not much of a cross-section between people who are chronically online and cash bitcoin buyers, it’s not getting a lot of attention. But the Bitcoin ATM ecosystem represents $3.63 billion, with a B, dollars going into bitcoin every year, and that’s just in the United States. 

Beyond the financials, Bitcoin ATMs are vital to maintaining self-sovereignty in the system. A Bitcoin ATM enables something no other service in the financial industry can: it lets you walk up with cash, no bank account, no credit check, no exchange…

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Scott Bessent Backs Strategic Bitcoin Reserve, Urges Senate To Pass Clarity Act

Treasury Secretary Scott Bessent told the Senate Finance Committee on Wednesday that the Trump administration is committed to building out the United States’ Strategic Bitcoin Reserve, expressing enthusiasm for the effort and calling on lawmakers to advance major crypto legislation before the summer’s end.

Bessent appeared before the committee at a hearing on “The President’s Fiscal Year 2027 Budget for the Department of the Treasury,” where senators pressed him on a range of fiscal priorities. 

The exchange quickly moved into the administration’s digital asset agenda, with Bessent tying the bitcoin reserve to his broader national security doctrine.

“Economic security is…

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The 2036 Issue: Nobody Even Noticed

A coffee shop in Lagos accepts payment in seconds. A manufacturer in São Paulo settles an invoice with a supplier in Ho Chi Minh City. A freelancer in Bangalore receives her weekly pay from a startup in Austin. All of this moves on top of Bitcoin. None of them are thinking about Bitcoin. 

This is 2036. And the most important thing about how money works today is that almost nobody understands how it works. 

Ten years ago, I wrote that Bitcoin would become the TCP/IP of money, an open settlement layer that everything else runs on top of, invisible to the people using it. That comparison turned out to be almost literally correct. 

Trillions of dollars move across the Bitcoin…

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Crypto Is In For A ‘Rough Winter’ But One Coin Is The Exception, Bloomberg Analyst Says

Bloomberg Odd Lots co-host Joe Weisenthal expanded his bearish case for crypto on Tuesday, adding two new reasons to the ten he outlined in February for why this is the worst crypto winter ever.

The Original 10 Reasons Still Stand

Weisenthal’s full list covers every structural headwind crypto faces right now:

Two New Reasons Make It Worse

The first new reason is opportunity cost. SK Hynix is up over 250% year to date and Micron is up over 260%, both driven by the AI and semiconductor boom. 

The Goldman Sachs non-profitable tech basket is surging again just like 2021, with an $11 billion leveraged SK Hynix ETF creating a self-reinforcing feedback loop pulling more capital into memory…

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S&P 500, Nasdaq 100 Drop As Rate-Hike Bets Build, Oil Climbs – Vanguard S&P 500 ETF (ARCA:VOO)

U.S. stocks retreated from record highs at midday Wednesday as hotter-than-expected economic data and a renewed surge in Treasury yields revived fears the Federal Reserve could soon raise interest rates.

The S&P 500 fell 0.6% to around 7,568, putting a nine-session winning streak in jeopardy. A late-day rebound back into positive territory would instead stretch the run to 10 days, its longest since 1995.

Treasuries Sold Off Sharply

The yield on the 10-year note climbed about 6 basis points to 4.50%, the 2-year rose to 4.10%, and the 30-year held at 5.00%.

The move followed ADP data showing the private sector added 122,000 jobs in May, above forecasts and the strongest reading since January…

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