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Bitcoin flat near $66,000 as Uniswap jumps 22%

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Bitcoin flat near $66,000 as Uniswap jumps 22%

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.

Ripple-linked token gives back breakout gains, slipping below $1.23

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Ripple-linked token gives back breakout gains, slipping below $1.23

XRP’s push above $1.25 lasted only a few hours. Sellers showed up near the highs and drove the token back through $1.23 on some of the session’s heaviest volume, turning what looked like a breakout into a reminder that the market is still struggling to absorb supply left behind by the recent selloff.

News Background

• XRP ETF products recorded a second straight week of inflows, attracting $10.68 million and lifting cumulative inflows to roughly $1.44 billion.

• South Korea’s Upbit exchange continued to account for an outsized share of XRP activity after wallet-flow dominance climbed from 13% to 31% in the week through June 14.

• Ripple continued expanding its payments infrastructure, including recent activity tied to RLUSD and cross-border settlement initiatives.

Price Action Summary

• XRP fell from $1.2619 to $1.2205 during the 24-hour session, losing 3.3%.

• Selling accelerated during the afternoon session when volume surged to 87.5 million XRP, breaking support near $1.2240.

• A late recovery attempt reached $1.223 before reversing sharply, reinforcing that area as near-term resistance.

Technical Analysis

• The key development was the loss of the $1.22-$1.23 area, which traders had been watching after XRP’s rally above $1.20 earlier in the week.

Here’s how bitcoin and S&P 500 look like when adjusted for the money printer

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Here’s how bitcoin and S&P 500 look like when adjusted for the money printer

If you’re only looking at the dollar price of your portfolio, you may be missing part of the picture, which is significantly shaped by money supply growth.

To the casual observer, the markets look like business as usual. While bitcoin has nearly halved to $66,000 since its $126,000 peak in October of last year, the decline could be dismissed as just another brutal, quadrennial crypto bear market. Meanwhile, the S&P 500 continues to hover near record highs.

But beneath the surface, a more interesting signal emerges when both prices are adjusted for the U.S. M2 money supply. M2 is the Federal Reserve’s estimate of liquid assets, including cash on hand, money deposited in checking and savings accounts, and other short-term saving vehicles such as money market funds and certificates of deposit.

Monetary exhaustion?

Some observers see bitcoin as a high-beta barometer for dollar liquidity, and the BTC/M2 ratio, bitcoin’s price adjusted for money supply growth, is now flashing a warning. The ratio, after a sharp climb from 2023 through 2025, appears to have formed what technical analysts call a head-and-shoulders pattern, typically read as a bearish signal.

BTC’s price-to-U.S. M2 money supply. (TradingView)

If the pattern holds, it would suggest bitcoin’s exponential edge over money supply growth — the dynamic that let it outrun debasement so convincingly in prior cycles — is fading. Bitcoin’s ability to outpace the flood of new dollars may be approaching diminishing returns, at least for now.

BitGo offers MiCA compliance lifeline to EU crypto firms as license deadline looms

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BitGo offers MiCA compliance lifeline to EU crypto firms as license deadline looms

Eligible businesses may also continue to evaluate or pursue their own MiCA-focused crypto asset service provider (CASP) licenses in parallel while integrating BitGo Europe’s infrastructure, BitGo said.

The final deadline for crypto firms to have transitioned to the MiCA regime is the end of this month, a regulatory reckoning that will force some firms to close down their businesses.

Industry estimates suggest that Europe had more than 3,000 registered crypto firms as of 2024, with Poland alone accounting for over 1,400 registrations. As of May 2026, there are 194 authorised CASPs (including credit institutions) and it is expected that around 75% of the pre-MiCA population will lose registration status as transitional periods expire, according to law firm Hogan Lovells.

Belshe said firms don’t need to go bust because of MiCA’s regulatory requirements, adding that regulators are aware of BitGo’s compliance-enhancing infrastructure offering. In terms of fees for the crypto compliance service, Belshe said it’s relatively cheap and varies product by product.

“There’s some amount of monthly minimum that you pay similar to what’s always been there. That’s a couple of $1,000 a month type of thing that can scale with volume,” he said. “Then clients can either go to variable-based plans, where they’re paying per transaction more, or they can use static-based plans, where they have kind of a fixed fee, and they pay less.”

Crypto PAC’s $12 million Senate candidate, Barry Moore, wins Alabama GOP primary

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Crypto PAC’s $12 million Senate candidate, Barry Moore, wins Alabama GOP primary

At the time of their most recent filings with the Federal Election Commission, the collection of related PACs had about $164 million on hand at the end of April, though they were spending at a rapid clip.

Tuesday’s result — with Moore taking almost 56% of the vote — will likely counter the industry’s setback in Illinois, where Fairshake spent more than $10 million trying to defeat Lt. Gov. Juliana Stratton, who went on to claim victory in the Democratic primary, all but guaranteeing that the next Senate would have a member who crypto interests spent heavily against. Most of Fairshake’s outcomes have been successful, though, and the latest win joins what’s shaping up as a full roster of successful primary candidates backed by the super PAC.

Moore, who was also backed by the crypto-tied Fellowship PAC, hopes to trade his seat in the U.S. House of Representatives with the Senate position held by Republican Senator Tommy Tuberville, who made a bid for governor.

Fairshake also devoted $735,000 to U.S. Representative Kevin Hern in this week’s Oklahoma Republican primary, where he won his party’s Senate nomination. Like Moore, Hern was also endorsed by President Trump.

Fairshake is mostly backed by three crypto-world contributors: Coinbase, a16z Crypto and Ripple. The PAC made a name for itself in the previous congressional campaign cycle, when it supported more than 50 pro-crypto candidates (from both major parties) who’ve participated in this session of Congress, outpacing a number of leading industry PACs and even some of the largest party organizations.

Illinois Governor Signs Illinois Budget Including Crypto Tax

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Illinois Governor Signs Illinois Budget Including Crypto Tax

Illinois is going ahead with a 0.2% “privilege tax” on crypto transactions involving its residents under a new $55.9 billion state budget bill signed Tuesday.

Governor JB Pritzker signed the measure despite opposition from crypto industry groups over the provision, a transaction tax that applies to all digital asset transactions on any registered platform under broadly termed “digital asset business activity.”

“This will create an unprecedented tax regime that disproportionately burdens Illinois residents for simply using digital assets and will drive innovation and builders out of the state,” the Crypto Council for Innovation said, as it urged a “line-item veto” of Article 3 of Senate Bill 3019 on Tuesday.

Illinois is home to several well-known crypto companies, including Zero Hash, Jump Crypto, Bitnomial, and Apex Crypto. The wide-reaching digital asset tax could also impact out-of-state companies if they have sufficient customer activity in the state, according to US tax firm BDO USA.

The measure, which takes effect on Jan. 1, 2027, will also make Illinois the only state to tax digital asset users regardless of income, gains or profits, unlike traditional tax structures. Digital asset brokers operating in the state are also required to register and comply with new reporting obligations. 

Letter from the CCI to Governor JB Pritzker. Source: CCI

Akin to taxing email rather than post

The CCI argued the tax would single out digital assets simply based on the technology used to process them. 

“Taxing a transaction based on the medium through which it happens to occur on a blockchain is akin to taxing correspondence because it is delivered by email rather than by post.”

Related: Crypto tax proposals weighed ahead of Tuesday House hearing

They also said the timing is poor, since the industry is already adjusting to the federal Digital Assets and Consumer Protection Act (DACPA) and Congress is separately working on a national tax framework for crypto assets.

The Digital Chamber sent a similar letter opposing the Digital Asset Privilege Tax Act on June 3 with similar arguments.  

“The tax will discourage the use of digital assets at the very time when financial services are moving to the blockchain, freezing Illinois residents out of progress and innovation and pushing the existing IL blockchain and crypto companies out of the state,” it read. 

Crypto is being singled out

Miles Jennings, head of policy and general counsel for a16z Crypto, said on X on Wednesday that it was one of the most anti-crypto laws in the US.

“There is effectively no comparable state financial transaction tax on stocks, bonds or derivatives anywhere in the country,” he said. “That means crypto is being singled out in violation of several federal laws.”

“Rather than embracing innovation and the cost efficiencies blockchains can deliver for ordinary people in Illinois, the state is poised to punish its entrepreneurs and citizens that want to use crypto.”

The crypto tax, which was bundled with registration and compliance requirements, is one piece of a much larger package built to close a budget gap. The bill is expected to raise more than $800 million in new tax revenue to support Pritzker’s $55.9 billion budget for fiscal 2027. 

Magazine: China’s 107 Bitcoin memory thief, Bithumb CEO booked: Asia Express

Binance Could Face EU Exit as Reports Say Greek Regulator is Set to Reject MiCA License

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Binance Could Face EU Exit as Reports Say Greek Regulator is Set to Reject MiCA License

Greece’s Hellenic Capital Market Commission appears set to reject Binance’s MiCA license application, putting the world’s largest crypto exchange on course to lose EU client access on July 1. Binance disputes the account and says its application was considered compliant, promising an update before June 30.

Greece’s financial watchdog is preparing to reject Binance’s application for a pan-European crypto license, according to Reuters, putting the world’s largest exchange on course to lose access to European Union clients as soon as July 1. Binance disputes the characterization and says its application meets the regulator’s requirements.

The Hellenic Capital Market Commission (HCMC) has reviewed Binance’s Markets in Crypto Assets (MiCA) license application and is set to deny it, Reuters reported Tuesday, citing two people familiar with the situation. Bloomberg separately reported the exchange is internally preparing contingency plans for an EU exit. Under MiCA’s transitional schedule, crypto firms without a valid license are barred from serving EU residents starting July 1.

Binance pushed back in a blog post and on its official X account, saying the HCMC “completed its review of the application and considered it compliant with MiCA requirements” and that the application “was also reviewed at ESMA level.” The exchange added that HCMC “informed ESMA that it was their view that the application was compliant and that they intended to progress the licence and move to authorise at an upcoming Board meeting.”

“Binance serves more users in Europe than any other crypto exchange, and any delay or distortion in our MiCA path has consequences beyond Binance,” the exchange wrote. “It risks weakening liquidity, reducing competition and user choice, and pushing activity, jobs, investment, and tax revenue outside the EU.”

The exchange said it would provide a further update before June 30, 2026.

MiCA License

Binance said in its Tuesday blog post that it has been pursuing a MiCA license “over the past 18 months,” including through an application process with the HCMC. The company chose Greece as its primary jurisdiction after speculation it might seek approval in Malta, where it had offices. Binance also set up a Greek holding company in conjunction with the application, per local reports from late 2025.

MiCA, the EU’s unified crypto regulatory framework, came into full force this year. It requires exchanges to obtain authorization from a national regulator in one EU member state. That authorization then grants access to the entire bloc through a passporting mechanism overseen by the European Securities and Markets Authority (ESMA).

The HCMC had issued no public statement on the Binance application as of publication.

Consequences of Rejection

If the HCMC formally denies the license and no alternative path materializes before July 1, Binance would be prohibited from offering services to EU residents under MiCA rules. The exchange has not publicly disclosed the number of EU users on its platform, but has described itself as serving more European users than any other crypto exchange.

An earlier post from Binance’s official X account Tuesday morning said the exchange was “still working to secure the right path forward under MiCA” and would “continue to update our users as progress is made.”

Binance has faced sustained regulatory pressure in multiple jurisdictions. In 2023, the exchange reached a $4.3 billion settlement with the US Department of Justice and Treasury Department. Former CEO Changpeng Zhao pleaded guilty to a felony charge and stepped down as part of the deal. Richard Teng took over as CEO. The exchange has since operated under a US monitoring program while pursuing expansion in regulated markets, including Europe.

The MiCA deadline creates a structural pressure point for the sector. Several other crypto firms have secured licenses in EU member states under the framework; regulators in Germany and the Netherlands have already authorized crypto companies seeking compliance. Binance’s application in Greece was one of the higher-profile outstanding cases ahead of the July 1 cutoff.

Not Confirmed

Binance’s blog post described the HCMC review as complete but stopped short of confirming the Reuters account that a rejection was imminent. The HCMC has made no public statement on the matter. ESMA has also not commented publicly.

Binance’s statement says the HCMC viewed the application as compliant and “intended to progress the licence and move to authorise at an upcoming Board meeting.” Reuters’ report, citing two people familiar with the situation, says the regulator is set to reject it. The two accounts have not been reconciled in any public filing or regulator statement.

Binance said it will update users by June 30, one day before the MiCA transitional deadline expires.

Bitcoin bottom signal flashes as holders absorbed 125,000 BTC in June

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Bitcoin bottom signal flashes as holders absorbed 125,000 BTC in June

Bitcoin’s risk-adjusted return has fallen to a level that has marked every bear-market bottom of the past decade, the latest on-chain reading to point toward accumulation rather than more downside.

The Sharpe ratio, which measures return against volatility, dropped to -20 on June 11, according to CryptoQuant data reviewed by CoinDesk. It hit that mark at the 2015, 2018-19 and 2022-23 cycle lows.

The catch is what came next. In all three cases, -20 marked the start of a long base rather than a launch. The metric stayed below the line for about five months in 2015 and roughly three months each in 2018-19 and 2022-23 before bitcoin began a durable recovery. So the signal can be interpreted as the floor is forming, not that the rebound has arrived.

Meanwhile, Accumulator wallets, the addresses with a history of holding rather than selling, took in about 125,000 BTC in the first half of June.

Exchange reserves have fallen roughly 80,000 BTC since February to about 2.71 million, and whales pulled more than 11,000 off exchanges in the past day.

This is the latest in a run of on-chain bottom signals over two weeks, after similar calls from valuation and sentiment gauges. They measure accumulation and exhaustion, not flows, and the driver of bitcoin’s recovery from its $59,130 low to about $65,800 was the US-Iran deal, not the metrics, per CoinDesk data.

Today’s FOMC decision, Kevin Warsh’s first as chair, is the next test. A hold is nearly fully priced, so the dot plot and Warsh’s tone on inflation will decide whether the recovery extends.

HYPE Bulls Target $80 As TradFi Piles Into Hyperliquid DEX

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HYPE Bulls Target $80 As TradFi Piles Into Hyperliquid DEX

Key takeaways:

  • Hyperliquid defies the crypto bear market with $3 billion HYPE open interest, a 32% growth in a week.
  • Hyperliquid’s TradFi innovation, like SpaceX pre-IPO trading, signals that the path to $80 HYPE price looks well-supported.

Hyperliquid’s native token HYPE rallied 44% over five days, hitting a $76.90 all-time high on Tuesday. Despite the pullback to $73, open interest on HYPE futures reached the $3 billion mark, signaling growing institutional demand. 

With Hyperliquid decentralized exchange (DEX) volumes showing no signs of weakness amid the cryptocurrency bear market, traders question the odds of further HYPE gains above $80.

HYPE futures aggregate open interest, USD. Source: CoinGlass

The aggregate open interest on HYPE futures rose 32% from one week earlier. Hyperliquid DEX held a 53% market share in perpetual trading volumes, followed by Binance at 14%, Bybit at 9% and Bitget at 8% according to DefiLlama data. While demand for HYPE futures has undoubtedly picked up, it’s worth exploring whether the recent price rally was fueled by excess leverage.

HYPE perpetual futures annualized funding rate. Source: Laevitas

The funding rate on HYPE perpetual futures has remained below the neutral 6% threshold for the past week, signaling weak demand for bullish leverage. Given that HYPE futures open interest increased during the period, short sellers appear to be doubling down despite the losses. It is possible that core contributors with tokens currently locked have partially hedged their positions.

HYPE excitement faces valuation concerns and dilution risk 

HYPE circulating supply stood at 253.41 million on Tuesday, while the maximum supply reached 953.92 million according to CoinMarketCap data. Thus, regardless of how quickly current holders face dilution, the project’s fully diluted value (FDV) stands at $71.3 billion. For comparison, the market capitalization of the highly profitable financial company Aon Plc (AON US) stood at $70 billion.

Hyperliquid perpetuals ranking by open interest, USD. Source: Hyperliquid

Hyperliquid has successfully dodged the cryptocurrency bear market thanks to the launch of traditional finance (TradFi) perpetuals, including those on S&P 500 (S&P500), Nasdaq 100 (XYZ100), crude oil (WTIOIL), SpaceX (SPCX), Micron (MU), gold (GOLD), silver (SILVER) and Google (GOOGL). Open interest in TradFi contracts has exceeded $2.9 billion, vastly surpassing Bitcoin’s $2 billion.

Hyperliquid weekly DEX and perpetual volumes, USD. Source: DefiLlama

Considering that aggregate decentralized exchange (DEX) volumes have fallen 57% over the past six months, Hyperliquid stands out as a positive outlier with $9.6 billion in activity. In perpetual contracts trading, no other protocol comes close to Hyperliquid’s 38% market share. Pre-IPO trading of SpaceX shares further highlights the exchange’s constant innovation and broader appeal.

Related: NYSE parent ICE pushes ‘level playing field’ for 24/7 onchain perps

Source: X/EricSRosengren

Hyperliquid’s successful run was highlighted by former Boston Federal Reserve Chair Eric Rosengren, along with an extremely bullish report from Citrini Research, a financial analysis firm. Moreover, HYPE exchange-traded funds (ETFs) have gathered $208 million since launch, signaling strong institutional interest. 

Overall, a surge to $80 for HYPE doesn’t seem out of reach considering Hyperliquid’s revenue generation and growth potential in Real World Assets (RWA) trading.

Hyperliquid, Uniswap and Worldcoin buck crypto slump as traders chase AI, DeFi trends

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Hyperliquid, Uniswap and Worldcoin buck crypto slump as traders chase AI, DeFi trends

A handful of tokens continued their run while bitcoin and the rest of the crypto market stalled after the early week bounce.

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