Meta, Microsoft, Coinbase and Starlink participated in a Department of Justice-led operation targeting scam networks in Southeast Asia. Authorities reported 63 arrests, the removal of 1.4 million accounts, and the freezing of $3 million in crypto assets.

ME News said that as of June 5 (UTC+8), Hyperliquid's five most-traded assets over the past 24 hours were led by index products XYZ100 and SP500, which ranked first and second and contributed about 59% of total volume. Energy-linked contracts CL and BRENTOIL accounted for roughly 28%. Funding rates for these products were negative by more than 0.002, suggesting funding-payment pressure was concentrated on short positions. The top five assets by 24-hour volume were XYZ100, SP500, CL, MRVL and BRENTOIL. Source: D Pro.

Bitcoin has fallen more than 13% over the past seven days, pushing the market to reassess how far the current pullback could extend, CoinDesk reported. Analyst Gareth Soloway said a short-term technical bounce remains possible, but the main test in the weeks ahead is whether Bitcoin can hold the $60,000 level. According to the report, Bitcoin’s latest price action looks more like a weak consolidation than a swift stabilization. Analysts cited $65,500 as the first area to watch, aligning with several prior lows and potentially sparking a limited rebound. Even so, the level is framed as secondary support—more of a short-term cushion than a signal that the broader trend is turning. A rebound that lacks momentum could still give way to further downside. In this framework, $60,000 is viewed as the pivotal level for the intermediate trend. The report suggests that even if Bitcoin rebounds first, it may still revisit $60,000; a break below it would likely point to a further deterioration in the medium-term outlook. If $60,000 fails, the next support zone is seen around $48,000 to $49,000. With $50,000 a key psychological threshold, slipping under it could further pressure sentiment. Key levels highlighted: - $65,500: potential area for a minor technical rebound - $60,000: most important support for the medium-term trend - $48,000 to $50,000: next major support range The report also flagged a more bearish scenario that could extend toward $35,000 if higher time-frame charts continue to weaken. This view is tied to a head-and-shoulders pattern, though analysts said they do not want to see the pattern fully play out. Separately, the report noted renewed discussion around Michael Saylor and Strategy following the company's disclosure that it sold a portion of its Bitcoin holdings for the first time in roughly three and a half years. While the sale was described as modest, it fueled debate about the firm's future flexibility. Strategy is said to hold about $63 billion in Bitcoin, with an average purchase price near $75,000, above current levels. Analysts said small-scale sales would likely have limited market impact, but larger disposals could intensify Bitcoin volatility. The price levels and chart-pattern scenarios referenced reflect external analysts' views, not forecasts of actual outcomes, and the Strategy discussion is based on market reaction to the company's disclosure.

U.S. crypto industry lobbying around Capitol Hill is ramping up as Congress debates market-structure legislation. On June 3, a new political action committee, Defend Developers PAC (DDPAC), announced it has formed to press for clearer legal protections for U.S. crypto developers and to push developer-focused language into congressional bills. According to CoinDesk, the PAC was launched by a coalition of crypto policy and industry groups. Founding members include the DeFi Education Fund, Orca Creative, Solana Policy Center and Uniswap Labs. Organizers said DDPAC is not tied to any single company and is designed to concentrate industry resources on limiting developer liability. The effort is unfolding as lawmakers advance the CLARITY Act, which aims to define U.S. cryptocurrency market rules. As described, parts of the bill would prevent certain noncustodial DeFi platforms from being treated as "money transmitters." If a platform does not hold customer assets, supporters say developers should not be automatically exposed to legal responsibility for third-party misconduct carried out through the protocol. Backers argue the approach lowers compliance risk for software builders and avoids treating open-source code authors like financial intermediaries. Beyond developer protections, the CLARITY Act still faces two major flashpoints before it can move forward in the Senate: ethics provisions and stablecoin yield. The report said banking groups continue to push for tighter limits on stablecoin yield, including calls to ban yield arrangements outright. On ethics rules, senior White House officials have said talks remain in progress but they are cautiously optimistic a deal can be reached, with negotiations touching on how to balance government interests and the division of power between the executive and legislative branches. Sen. Cynthia Lummis said the broader Crypto Market Structure Act is more likely to reach the Senate after the July 4 recess rather than before it. With the timetable still in flux, the next several weeks are expected to remain a heavy period for lobbying and legislative coordination.

Apyx said its apxUSD stablecoin briefly traded down to $0.93 on June 4, a roughly 7% deviation that came as Bitcoin slipped below $63,000 during a broader market selloff. The protocol argued the move was not a breakdown of its peg mechanism, but a predictable outcome of its collateral design. Unlike fiat-reserve stablecoins that hold cash and U.S. Treasuries, apxUSD is primarily backed by STRC variable-rate preferred shares issued by Strategy, the company formerly known as MicroStrategy. How the system is built Apyx describes itself as a Dividend-Backed Stablecoin (DBS) protocol. It uses dividend-paying preferred shares sourced from public markets as collateral to mint stablecoins on-chain, directing dividend flows back into its ecosystem as a yield layer. Apyx reports an overcollateralization ratio of about 104%, meaning roughly $1.04 of collateral supports every $1 of apxUSD outstanding. The protocol says this buffer, combined with dividend income plus cash and Treasury reserves, is intended to cushion the kind of volatility shock seen on June 4. STRC has a $100 par value. Since launch in August 2025, the preferred shares have traded below par four times and later recovered each time, according to Apyx. As of March 2026, Apyx held about 288,888 STRC shares valued at roughly $29 million, its largest external holding by a wide margin. Why apxUSD can move differently than USDC or USDT Fiat-backed stablecoins such as Circle's USDC typically hold their peg because a dollar in a bank account remains a dollar. apxUSD, in contrast, is backed by an asset whose price fluctuates with market conditions. Apyx says it mitigates that variability through overcollateralization and by incorporating dividend-related adjustments and cash reserves when assessing collateral health, rather than relying solely on real-time spot pricing. The protocol operates within Morpho markets and says these built-in buffers are designed to reduce the risk of cascading liquidations during volatility spikes. Apyx also offers a yield-bearing companion token, apyUSD, intended to capture part of the dividend income from the underlying collateral. In the product set, apxUSD is positioned as the stable unit, while apyUSD serves as the yield vehicle. apxUSD began trading on Kraken in April 2026, giving it exchange liquidity that many newer stablecoin projects do not yet have. What investors may take from the episode USDC briefly traded at $0.87 during the Silicon Valley Bank collapse in March 2023, an event widely viewed as a crisis for the stablecoin. Apyx, by contrast, characterizes a 7% depeg in apxUSD as expected behavior under its model. The reported 104% collateral buffer is modest relative to some peers. MakerDAO's DAI has historically operated with collateralization levels well above 150%. Apyx argues dividend income and cash/Treasury reserves help offset the tighter ratio, though the lower buffer leaves less room for error in a severe drawdown. A key risk is correlation. Strategy's preferred shares are tied to a company with large Bitcoin holdings. When Bitcoin falls, STRC can weaken as well, linking apxUSD's collateral to the same market it is meant to remain stable against.

June 5 — Grayscale Research head Zach Pandl said Strategy's June 1 disclosure that it sold 32 BTC reignited volatility in the bitcoin market. Pandl argued the sale itself was immaterial given Strategy still holds about 840,000 BTC on its balance sheet, worth roughly $55 billion. Even so, as one of the world's largest corporate digital-asset treasuries, any perceived shift in its approach has weighed on sentiment. Pandl said the bigger issue is how the latest volatility is feeding into the pricing of Strategy's floating-rate preferred stock, STRC. The instrument is structured to trade around $100 per share and currently offers an 11.5% dividend yield. A dip below $100 would signal investors are demanding a higher return. Strategy could respond by raising the dividend, but that would increase future cash-flow commitments and could force additional BTC sales, adding further pressure to bitcoin. Pandl said the firm's leveraged model is showing strain and is amplifying volatility across the broader BTC market. At prevailing STRC and MSTR prices, Grayscale said Strategy's capacity to accumulate more bitcoin appears limited. Over the long run, Grayscale views a reduction of BTC held on leveraged digital-asset balance sheets—and a wider distribution across more diversified corporate balance sheets—as positive for the health of the Bitcoin ecosystem. Grayscale said a sustainable bottom will still require new buyers to step in. The firm expects BTC to recover in the coming months, but said bitcoin could lag other parts of the crypto market in the near term, as those segments benefit more directly from improving regulatory clarity.

Grayscale research chief Zach Pandl said market volatility picked up again after Strategy disclosed on June 1 that it had sold 32 bitcoins. While the transaction is immaterial against the company's roughly 840,000 BTC holdings (about $55 billion), the uncommon decision to trim exposure weighed on sentiment. Pandl said investors should focus on Strategy's variable-rate preferred stock, STRC (Stretch). The security targets a price near $100 and currently yields 11.5%. If STRC trades below $100, it suggests investors are demanding a higher return, which could pressure the company to raise dividends. That would tighten future cash flows and could increase the likelihood of additional Bitcoin sales to fund payouts, adding downside pressure to BTC. Pandl said Strategy's leveraged Bitcoin-treasury approach is showing strain. At current STRC and MSTR price levels, the company's capacity to keep expanding its Bitcoin position meaningfully may be limited. Looking further out, Pandl said a broader shift in Bitcoin ownership from highly leveraged digital-asset reserve vehicles toward more diversified corporate balance sheets should improve market resilience and bolster long-term value support. He expects Bitcoin to recover upward momentum in the coming months, though it may lag in the near term behind crypto segments that benefit more directly from regulatory clarity.

CoinDesk reports that U.S. Securities and Exchange Commission rules have been updated to remove the "pattern day trader" (PDT) minimum-equity requirement. Once the change takes effect, day-trading stock accounts will no longer have to keep at least $25,000, lowering the entry bar for smaller retail accounts to trade more actively. The $25,000 threshold was introduced after the 2001 dot-com bust, when heavy losses among retail traders in overheated tech shares prompted regulators to require accounts deemed "pattern day traders" to maintain at least $25,000 in assets. Under the revised framework, investors below that balance can day trade more frequently without the prior transaction limits that effectively constrained short-term strategies for undercapitalized accounts. Implementation may be staggered. Regulatory documents indicate broker-dealers are not required to complete systems transitions at the same time; firms needing more time for compliance and risk-control upgrades may phase in changes, with a grace period running through October 20, 2027. A separate allowance for small brokers is about 18 months. Margin safeguards remain. The removal of the $25,000 minimum does not eliminate risk constraints: if an account fails to meet a special maintenance margin requirement within five business days of a margin deficiency, it must trade on a cash-available basis for the next 90 days, or until margin is restored. The update is aimed at reducing access barriers, not weakening oversight of high-frequency, short-term trading. Key details: - Prior requirement: $25,000 minimum account balance - Transition period end date: October 20, 2027 - Small broker grace period: approximately 18 months

ChainCatcher reports that Coinglass data show $1.717 billion in total liquidations across the crypto market over the past 24 hours. Long positions made up the bulk at $1.411 billion, while short liquidations totaled $305 million. By asset, Bitcoin recorded $626 million in long liquidations and $169 million in shorts. Ethereum saw $313 million in long liquidations and $67.28 million in shorts. Coinglass also reported 285,997 liquidated traders worldwide during the period. The largest single liquidation was a BTCUSD position on Hyperliquid worth $16.1984 million.