CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 1774.43, down 1.5% (-26.19) since 4 p.m. ET on Tuesday.
Four of 20 assets are trading higher.
Leaders: UNI (+2.5%) and XLM (+2.3%).
Laggards: BCH (-3.1%) and ADA (-2.8%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Bitcoin (BTC) fell below $65,000 on Wednesday as traders predicted the impact of a key macro event.
Key points:
Data from TradingView showed intraday lows of $64,782 on Bitstamp.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
The US Federal Reserve was due to decide on changes to interest rates at 2 p.m. Eastern time — a move that formed the week’s main volatility catalyst.
The meeting of the Federal Open Market Committee (FOMC) would be the first under new Fed chair, Kevin Warsh, making his remarks at the subsequent press conference just as important as the overall outcome.
As Cointelegraph reported, Warsh had been under pressure to cut rates despite the inflationary impact of the US-Iran war.
“FOMC could set the tone for the rest of the month,” trader Killa wrote in an X post on the topic.
Killa noted that BTC price action tended to weaken around Fed decisions.
“Right now, BTC is forming a bullish narrative into the event, but as I always say, the outcome is usually priced in before the news is released,” they continued.
“If recent history is any indication, we have generated far more bearish reactions than bullish ones.”
BTC/USD chart with FOMC meetings marked. Source: Killa/X
On Tuesday, Bitcoin already experienced a loss of momentum, even as stocks headed higher on Iran relief. Analysis had already warned that price would likely stall above $67,000 as demand remained subdued.
“We need to maintain bullish market structure from here… (64K). If not, there’s a strong chance we revisit the $60K lows after this pivot,” Killa warned.
Other perspectives included a “short-term bounce” for Bitcoin before the resumption of the bear market.
Related: Bitcoin miner ‘capitulation’ comes as trader sees later 2026 bear-market bottom
“FOMC meeting is happening today, exactly when the US-Iran peace deal is very close,” Niels, co-founder of marketing agency STABL, told X followers.
“IMO, Bitcoin could show some strength but eventually it’s going to $55,000.”
BTC/USDT one-day chart. Source: Niels/X
A more optimistic take came from analytics account Cryptic Trades, which saw the rebound continuing after the FOMC.
BTC/USD, it said, had rejected at two key moving averages that together form Bitcoin’s daily bull market support band.
BTC/USD one-day chart with bull market support band. Source: Cointelegraph/TradingView
“However, after this pullback, the next big leg up is coming,” Cryptic Trades predicted.
BTC/USD one-day chart. Source: Cryptic Trades/X
Bitcoin (BTC) showed signs of bottoming inside the $60,000–$70,000 range on Wednesday, according to onchain data shared by a quant analyst.
Key takeaways:
The bottom signal comes from Bitcoin’s unrealized price distribution, or URPD, which shows where BTC last moved on-chain and helps identify major investor cost-basis zones.
As of Tuesday, Bitcoin’s URPD reading showed a heavy concentration of supply between $60,000 and $70,000. About 20% of Bitcoin’s supply now sits in that range, “Frank Fetter” said, citing Checkonchain data.
“This is how meaningful floors are put in,” the analyst added.
Bitcoin supply in profit/loss. Source: Checkonchain
Dense cost-basis zones can become important support areas because many investors share similar entry levels. In Bitcoin’s case, the $60,000–$70,000 band now marks a major ownership cluster near current prices.
That suggests a large amount of BTC changed hands during the correction, with higher-cost holders likely selling into weakness, while new buyers absorbed the BTC supply near the lower range.
In market terms, this points to a redistribution phase, in which panic sellers exit and more conviction-driven buyers build positions.
Darkfost, a CryptoQuant-associated on-chain analyst, echoed that view, saying the setup reflects “one of the biggest BTC transfers from weak hands to strong ones.”
Bitcoin’s supply in profit percentage has dropped into what analyst DurdenBTC called a “capitulation zone.”
The metric shows how much of the BTC supply is still held at a profit. A sharp drop means more holders are underwater or near breakeven, a condition often seen during late-stage bear markets.
BTC has reached this zone only four times in recent cycles: around $3,200 in 2019, $5,000 in 2020, $16,000 in 2023 and now near $59,000. Each prior instance appeared near a major Bitcoin price bottom.
That strengthens the case for the $60,000–$70,000 range becoming a floor, though BTC still needs to hold above $60,000 to confirm this.
Bitcoin’s technical chart, nevertheless, warns of deeper losses despite the on-chain floor signals.
On the daily chart, BTC is attempting to rebound inside a small bear flag after its sharp drop below $60,000. A bear flag forms when price consolidates upward after a strong sell-off, often before the next leg lower.
BTC/USD daily chart. Source: TradingView
A rejection from the flag’s upper trend line could trigger another breakdown below $60,000. Based on the pattern’s height, Bitcoin’s next downside target sits near $53,500, close to the broader $50,000 support area.
Related: Bitcoin sell-off toward $60K may resume as Japan hikes interest rates
A daily close above the 20-day exponential moving average (20-day EMA, green) at $66,420 may weaken the bearish setup. The level also aligns with the flag’s upper trend line.
A decisive close above this resistance confluence may push the BTC price toward the 50-day EMA at around $70,250. However, several Bitcoin metrics suggest that BTC could reach as high as $100,000 in the coming months.
A coalition of federally recognized tribes and Indian regulatory bodies filed amicus briefs in two federal cases, arguing CFTC preemption would nullify tribal-state gaming compacts and strip tribes of authority to regulate Kalshi and Polymarket on Native land.
A coalition of federally recognized tribes and Indian regulatory bodies filed amicus briefs in two federal cases this month, arguing that allowing Kalshi and the CFTC to override state gaming laws would equally nullify tribal-state gaming compacts and strip tribes of authority to regulate prediction markets on Native land.
The group, calling itself the Tribal Amici, filed a brief opposing Kalshi’s motion for a preliminary injunction in *KalshiEx LLC v. Schuler*, now before the U.S. Court of Appeals for the Sixth Circuit. A separate filing in the Southern District of New York backed the state’s opposition to the CFTC’s own preliminary injunction motion. In both briefs, the coalition argues that a ruling for Kalshi or the CFTC would amount to a “sub silentio reversal of congressional policy and Supreme Court precedent” and would “undermine existing tribal-state gaming compacts and regulatory frameworks.”
Tribal gaming operates under the Indian Gaming Regulatory Act. Tribes that have signed state gaming compacts have negotiated specific terms including minimum ages, approved game types, and revenue sharing. The coalition argues that if courts accept the CFTC’s preemption claim, prediction market platforms would operate on reservation land under their own private compliance rules, bypassing both state and tribal regulation.
The coalition warns this would “allow prediction markets to divert gaming revenues away from tribal and state governments” and “diminish tribal self-determination.” That revenue funds tribal government services and economic development programs.
Kalshi is appealing an earlier rejection of its preliminary injunction bid before the Sixth Circuit.
California Attorney General Rob Bonta joined a bipartisan coalition filing a separate amicus brief in the same Sixth Circuit proceeding.
The Tribal Amici filings follow related actions covered here this month. The CFTC sued New Mexico to bar enforcement of state gaming laws against CFTC-registered exchanges, making New Mexico the eighth state to face federal litigation. Polymarket also filed suit against Minnesota over its prediction market ban, the third suit against that state.
Whether CFTC registration gives prediction markets blanket immunity from tribal and state enforcement has not been resolved at the appellate level. The Sixth Circuit consolidation is the nearest checkpoint.
BitGo, a crypto custody company, is moving into Europe’s tighter regulatory landscape as exchanges race to maintain access ahead of a key licensing deadline.
BitGo Europe launched a crypto-as-a-service platform aimed at meeting the European Union’s Markets in Crypto-Assets Regulation (MiCA), the company said in a statement shared with Cointelegraph on Wednesday.
BitGo CEO Mike Belshe said companies shouldn’t leave users waiting during licensing delays, arguing that regulated infrastructure can keep platforms active in the meantime.
“We can help keep you moving safely and compliantly,” he said.
The launch comes with the EU’s July 1 MiCA deadline approaching, requiring crypto companies to obtain authorization to continue serving customers across the bloc. Reports on Tuesday suggested Greek regulators may reject Binance’s MiCA license application, adding uncertainty to the EU regulatory status of the world’s largest crypto exchange by trading volume.
BitGo Europe’s MiCA service launch comes more than a year after the company secured authorization under the framework. Germany’s Federal Financial Supervisory Authority (BaFin) issued the license in May 2025.
BitGo’s platform allows exchanges and fintech companies to connect to regulated custody, trading, onboarding and wallet systems through APIs. Instead of building full compliance systems in-house, crypto service providers can plug into BitGo’s infrastructure while keeping control of their customer-facing products.
Source: Mike Belshe
The system includes tools for programmatic Know Your Customer (KYC) checks, transaction controls and settlement of supported digital assets. BitGo also supports euro payments through Single Euro Payments Area (SEPA) rails in eligible regions, enabling fiat on- and off-ramps within a regulated setup.
BitGo did not say whether its infrastructure could help companies such as Binance continue operating in the EU if regulators ultimately reject a license.
Cointelegraph reached out to BitGo for clarification but did not receive a response by publication time.
The company said the shift is especially urgent in markets such as Poland and Lithuania, where older national registration regimes are being phased out under the new system.
Related: Polish president vetoes crypto bill for third time ahead of MiCA deadline
In Lithuania, the transition period for legacy virtual asset service providers ended on Dec. 31, 2025. In Poland, implementation remains unresolved, adding uncertainty for companies still operating under national approvals as the EU-wide framework takes effect.
“We believe Europe is moving toward a more unified and durable regulatory framework for digital assets,” CEO Belshe said. “BitGo was built for moments like this […] With BitGo Europe, we are giving businesses a way to meet the MiCA standard while continuing to serve the market with confidence,” he added.
Magazine: China’s 107 Bitcoin memory thief, Bithumb CEO booked: Asia Express
Hyperliquid’s perpetual futures open interest recently exceeded $10 billion as the platform expanded into equity-linked products, commodities and synthetic pre-IPO trading.
Hyperliquid is now the third-largest perpetual futures exchange, with growth driven primarily by crypto assets and supported by expanding trading in equities, commodities and indexes through Hyperliquid Improvement Proposal-3 (HIP-3), according to digital asset infrastructure provider Talos.
Talos said in a Tuesday report that about $4 billion of open interest is attributable to HIP-3 builder-deployed perpetual markets.
The report highlighted oil, the Nasdaq 100 and technology stock-linked contracts as some of the most actively traded products, while pre-IPO markets drew more than $250 million in open interest ahead of SpaceX’s expected public listing. Nearly half of S&P 500 perpetual volume and more than 60% of oil perpetual volume occurred outside traditional US market hours.
HIP-3 perpetuals, daily volume by asset class. Source: Talos
Hyperliquid’s growth reflects a broader push by crypto trading venues to expand beyond digital assets and offer exposure to traditional financial markets through blockchain-based derivatives.
Related: SpaceX tokenized IPO campaign draws $557M on Binance ahead of debut
Hyperliquid’s growth has also drawn attention from traditional financial firms exploring round-the-clock trading.
On May 27, Jeffrey Sprecher, the CEO of Intercontinental Exchange, the parent company of the New York Stock Exchange (NYSE), urged regulators to create a “level playing field” for launching 24/7 onchain perpetual futures contracts, arguing that regulators are “prohibiting us from doing this when it’s already happening.”
Sprecher’s comments came after discussions with Hyperliquid, which he cited as an example of a crypto-native platform enabling around-the-clock derivatives trading. A day earlier, Hyperliquid launched canonical prediction markets for offchain events, adding another product category to its trading ecosystem.
Top DeFi protocols by weekly fees. Source: DefiLlama
Hyperliquid is also one of the crypto’s largest fee-generating protocols. The platform generated more than $15.6 million in fees during the past week, making it the third-largest protocol by weekly fees behind the industry’s stablecoin issuers Tether and Circle, according to DefiLlama data.
Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 1829.21, down 0.7% (-12.13) since 4 p.m. ET on Monday.
Six of 20 assets are trading higher.
Leaders: UNI (+12.9%) and XLM (+2.7%).
Laggards: ADA (-3.4%) and NEAR (-2.5%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Polygon Chain can now support up to 5,000 payment transactions per second, Polygon Labs said in a statement shared with AlexaBlockchain. This is its latest effort to position Polygon network as a production rail for stablecoin payments. The upgrade was achieved by raising the network’s gas limit to 160 million while maintaining 1.5-second blocks.
The milestone puts Polygon closer to the throughput range expected from large-scale payments infrastructure.
But the claim is not only about speed.
The larger issue for fintech and enterprises is whether public blockchain rails can handle real payment volume without unpredictable fees, degraded performance or complex integrations.
Polygon is positioining the upgrade as a way to make stablecoin payments more practical for payroll, remittances, B2B settlement and cross-border transfers.
That’s impoartant because stablecoin payments are moving beyond crypto-native use.
Stripe’s stablecoin payments allows businesses to accept stablecoins from customers globally. It enables customers to pay with their preferred crypto wallet, token and network, while completed payments settle into the merchant’s Stripe balance in USD.
Polygon has been one of the supported networks in Stripe’s stablecoin payments push. Stripe uses Polygon to let merchants accept stablecoin payments online and at physical locations.
Polygon Labs said the new upgrade gives companies a rail where costs remain low and predictable as volume grows.
That predictability is central to payment product design. A remittance app, payroll provider or merchant settlement platform needs to know what a transaction will cost before building pricing around it.
“Finance and payments teams have been watching stablecoins for years, waiting for the infrastructure to catch up,” said Marc Boiron, CEO of Polygon Labs.
“The throughput was never the real blocker, the costs and complexity were. When fees spike at scale, you can’t build a real product on top of it. Polygon Chain now processes up to 5,000 payments per second at stable fees. With the simplicity of integration in one API, fintechs and enterprises can finally build stablecoin payment products on the Open Money Stack with one simple integration and know exactly what they’ll cost to run,” Boiron said.
The Open Money Stack is Polygon’s attempt to package stablecoin payments into a more complete enterprise framework. As per Polygon, it is a vertically integrated system that connects fiat access, wallets, orchestration and onchain settlement through a single API.
The goal is to let companies build stablecoin payment products without stitching together multiple vendors for wallets, fiat ramps, liquidity and settlement.
That strategy accelerated earlier this year.
In January, Polygon Labs signed definitive agreements to acquire Coinme and Sequence in deals valued at more than $250 million. Polygon aimed to strengthen its position in regulated stablecoin payments through the acquisitions.
The deals were meant to add missing pieces around fiat access and wallet infrastructure. Coinme operates a regulated digital currency payments business, while Sequence provides wallet and transfer infrastructure for cross-chain activity.
The Block reported that Coinme holds money-transmitter licenses in 48 U.S. states and that Sequence provides enterprise wallet infrastructure. The report said the Open Money Stack is designed as middleware for global value transfers using stablecoins and other onchain assets.
The new throughput milestone builds on Polygon’s earlier network upgrades.
The Bhilai hardfork raised Polygon’s gas limit from 30 million to 45 million. It allowed the network to support more than 1,000 TPS while aiming for smoother gas fees.
Polygon noted Bhilai as the first major step in its Gigagas roadmap. The company described the roadmap as a multi-phase plan to reach 100,000 TPS for payments, remittances and tokenized assets.
For developers already building on Polygon, backward compatibility is part of the appeal.
If upgrades can be delivered without forcing applications to migrate contracts or rebuild integrations, existing payment companies can inherit added capacity without major technical disruption. That’s crucial for enterprises, where infrastructure changes can slow adoption.
The timing is also important because payment demand could become more automated.
Payroll, remittances and B2B settlement already require repeatable, high-volume payment flows. AI agents could add another layer of continuous transactions, including payments for APIs, compute, data access and digital services.
Most traditional rails were not designed for that type of programmable microtransaction load.
Many blockchains, meanwhile, become expensive during periods of peak demand. Polygon’s latest upgrade is designed to address that gap by combining higher throughput with more stable transaction costs.
The move comes as stablecoins attract more attention from mainstream payment companies.
Stripe has expanded stablecoin support across its payments infrastructure, including work with Shopify merchants. In June 2025, Stripe said Shopify merchants in 34 countries would be able to accept USDC payments.
Polygon is trying to make sure it remains one of the public rails used for that shift.
The network’s pitch is that stablecoin payments need more than a fast chain. They need fiat access, compliance tooling, wallet infrastructure, liquidity, low fees and predictable settlement in one stack.
Polygon has now brought its chain closer to institutional payment throughput. The next question is whether fintechs and merchants will use that capacity for payroll, remittances, B2B settlement and other real-world stablecoin flows at scale.
The above article “Polygon’s 5,000 TPS Upgrade Could Make Stablecoin Payments Viable for Payroll, Remittances and B2B Settlement” was first published on AlexaBlockchain. Read the complete article here: https://alexablockchain.com/polygon-raises-payment-capacity-to-5000-tps/
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Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Read complete disclaimer here.
The US House and Senate have reached a deal to move forward with a housing bill that includes a ban on the Federal Reserve creating a central bank digital currency (CBDC) until 2030.
A bipartisan group of House and Senate leaders released an updated version of the 21st Century Road to Housing Act on Tuesday, which aims to address housing affordability and bans institutional investors from buying existing single-family homes to rent out.
The bill has included a CBDC ban since the Senate passed it in March. The House also passed its version of the bill with strong support in May, but the House and Senate disagreed on some aspects. The Senate has now added further amendments that will be put before the House for a final vote.
The bill is likely to pass quickly and would hand a win to Republicans who have tried to pass a CBDC ban for years, as earlier standalone bills had stalled in Congress. Crypto advocates have long criticized CBDCs, which they see as an attempt by governments to repurpose crypto technology to a centrally-controlled asset.
Source: US Senate Banking Committee GOP
The deal also means Congress can focus on passing other legislation before the August recess and the November midterm elections, in particular, the crypto-regulating CLARITY Act that many lawmakers have been pushing to advance.
House Republican leaders plan to put the bill up for a vote after the House returns from recess on June 23, two people familiar with the plan told Politico.
The housing bill includes language that says the Federal Reserve may not, directly or indirectly, “issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency.”
Related: South Carolina governor signs bill protecting Bitcoin miners, banning CBDC
It adds the clause will expire on Dec. 31, 2030, and creates a carveout for crypto stablecoins, or “dollar-denominated currency that is open, permissionless, and private.”
The clause revives much of the language from Republican Representative Tom Emmer’s Anti-CBDC Surveillance State Act, which was introduced in June 2025, passed by the House the next month, but was never picked up in the Senate.
US President Donald Trump signed an executive order in January 2025 banning federal agencies from all work related to CBDCs, saying they threatened “the stability of the financial system, individual privacy, and the sovereignty of the United States.”
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
Bitcoin is trading flat while the rest of the crypto market showing signs of a capital rotation.
The largest token traded around $65,800 on Wednesday, down 0.3% over 24 hours but up 7.4% on the week, per CoinDesk data, holding near $66,000 as traders waited on the Federal Reserve’s first rate decision under new Chairman Kevin Warsh.
The action was in altcoins. Uniswap’s UNI was the standout, jumping 22.5% to $3.53 after Standard Chartered initiated coverage with a $100 price target by 2030, with the bank’s digital assets research head Geoffrey Kendrick calling the decentralized exchange a foundational layer of the on-chain economy.
Hyperliquid’s HYPE rose 7.8% on the day and 34.3% on the week, and solana added 14.7% over seven days even while flat on Wednesday. Ether gained 1.4% to $1,793 and is up 10.4% on the week. XRP slipped 0.9% to $1.22.
The macro backdrop kept improving for risk assets, just not for bitcoin. Brent crude fell below $79 a barrel, its lowest in more than three months, after sliding 15% over four sessions in its longest losing run this year.
