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A voluntary disclosure program for cryptocurrency holders by the Israel Tax Authority (ITA) has yielded results far below initial expectations, local media outlet Globes reported. The Israeli government had anticipated securing up to $1 billion in tax revenue through the program, which was introduced in August 2025. However, the value of crypto assets declared so far amounts to only about $50 million. The program exempts individuals from criminal prosecution if they voluntarily declare unreported crypto assets or income and pay the corresponding taxes. To date, only 58 taxpayers have amended their filings under the initiative. Industry observers have pointed out that the lack of an anonymous reporting process is hindering participation, suggesting the program's effectiveness has not met expectations.

Cryptocurrency trading and payment infrastructure provider Paybis has announced that approximately 98% of the stablecoin remittances processed on its platform between January and April of this year originated from corporate customers. This marks a significant increase from 36% in 2023. Paybis noted that stablecoins are rapidly gaining traction as a method for business-to-business (B2B) international remittances and settlements. The digital goods, virtual asset, technology, e-commerce, and fintech sectors were particularly active, accounting for over 78% of all corporate stablecoin activity. Additionally, a survey revealed that 22.5% of respondent companies are either already using stablecoins for international payments or plan to adopt them within the next 12 months.

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned multiple Iranian cryptocurrency exchanges, including the country's largest, Nobitex. According to CryptoPotato, other sanctioned entities include Wallex, Bitpin, and Ramzinex. U.S. authorities stated that the exchanges helped users evade sanctions, facilitated Iran-related financial activities, and processed transactions linked to Iran's Islamic Revolutionary Guard Corps (IRGC).

Major exchanges have seen $160 million worth of futures liquidated in the past hour. In the past 24 hours, $1,122 million worth of futures have been liquidated.

According to CoinNess market monitoring, BTC has fallen below $65,000. BTC is trading at $64,792.6 on the Binance USDT market.

Major exchanges have seen $113 million worth of futures liquidated in the past hour. In the past 24 hours, $979 million worth of futures have been liquidated.

Matt Hougan, CIO of Bitwise, said the cryptocurrency market is no longer the "Belle of the Ball." According to CryptoPotato, he explained that with prices under downward pressure and momentum weakening, crypto is struggling to generate investor enthusiasm, particularly given the dominance of the artificial intelligence (AI) market. Hougan argued that crypto has evolved from a momentum investment based on temporary excitement to a contrarian play requiring patience, a long-term perspective, and a focus on fundamentals. He clarified that this does not mean crypto itself is disappearing, but rather that the types of investors and projects are changing. As the market shifts away from momentum-driven trading, the importance of fundamentals is growing. Hougan suggested this could be a sign that the market is closer to the end of its winter than the beginning, but cautioned that the next few weeks could be painful.

Dallas Federal Reserve President Lorie Logan stated on June 3 that a rate hike might be necessary in the second half of this year to bring inflation down to the 2% target. Logan assessed the U.S. labor market as largely balanced, noted active investment in artificial intelligence (AI), and described financial conditions as still accommodative. However, she pointed out that the current inflation trend is not slowing toward the Fed's 2% goal. This situation, she said, suggests that current monetary policy is not having a restrictive effect on the economy. Logan added that there is growing concern that a rate hike may be needed in the second half of this year to fully restore price stability and properly fulfill the Fed's dual mandate.

The three major U.S. stock indices closed lower today. - S&P 500: -0.74% - Nasdaq: -0.89% - Dow Jones: -1.21%

Iran's military struck a U.S. Navy vessel in the Gulf of Oman, the country's Tasnim News Agency reported on June 3, citing military officials. The strike was reportedly a response to an 'act of aggression' by U.S. forces against an Iranian merchant ship hours earlier. The targeted U.S. vessel was described as the command and control center for the hostile action.

Jim Ferraioli, an analyst at major U.S. financial firm Charles Schwab, has argued that Bitcoin's recent weakness is not due to selling by Michael Saylor but rather a loss of upward momentum. According to CoinDesk, Ferraioli explained that Bitcoin has been in a bear market since October of last year, bottoming out in early February. He noted that while the launch of ETFs by large Wall Street firms helped Bitcoin recover from its February lows, the rally stalled before developing into the broad speculative frenzy seen in previous cycles. Ferraioli stated that crypto investors chase momentum, and that flow has now been cut off in the market. He added that capital that once pursued speculative gains in crypto is now moving to other promising investments such as gold, AI-related stocks, and IPOs. The analyst emphasized that the market impact of MicroStrategy's recent transaction has been exaggerated and is not the real factor moving the market, concluding that the biggest challenge facing Bitcoin is not Michael Saylor, regulation, or even the macroeconomy.

Users on the decentralized prediction market platform Myriad see a 71% probability that ETH will rebound after falling to $1,500. This figure has risen by 25% since mid-May. According to CoinMarketCap, ETH is currently trading at $1,824.51, down 4.49%.

The U.S. Federal Reserve's latest Beige Book, released on June 3, indicated that economic activity grew slightly in recent weeks while employment remained largely flat. The report highlighted that the effects of rising energy prices, driven by the conflict in the Middle East, are spreading throughout the economy. According to the report, the outlook for the next six months shows little change in growth expectations, but market sentiment is being weighed down by increased uncertainty and signs of slowing consumer spending. It also noted that various districts identified energy costs from the conflict as a key driver of inflationary pressure, with impacts seen in transportation, packaging, groceries, and fertilizer.

Raoul Pal, founder of Real Vision, has pushed back against the narrative that crypto is dead and that capital is flowing exclusively into tech stocks. He argued that while this idea is tempting, market performance since the 2022 liquidity cycle low tells a different story. Pal explained that BTC has surged between 4.1 and 4.3 times from that bottom, outperforming the Nasdaq 100's approximate 2.9-fold increase over the same period.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

U.S. Treasury Secretary Scott Bessent has stated that the department is pursuing a plan for a strategic Bitcoin reserve and that he hopes the Clarity Act will pass this summer. According to The Block, Bessent emphasized during a Senate Finance Committee hearing the need for a clear regulatory framework for the crypto industry. He added that officials are working to establish a crypto custody system and make the U.S. a global hub for innovation, reiterating his goal for the bill's passage this summer and confirming that the Treasury is proceeding with the BTC reserve plan.

Strategy's perpetual preferred stock (STRC) has fallen to $94.84, a 5.2% discount to its $100 par value, sparking analysis that a crack has formed in the company's BTC acquisition structure amid a sharp crypto market downturn. According to Decrypt, Ryan Yoon, a senior analyst at Tiger Research, said the stock trading below its peg signifies a flaw in Strategy's high-leverage approach to buying BTC. Yoon explained that due to the burden of massive dividend obligations, hedge funds have been concerned that Michael Saylor might be forced to sell some of the company's BTC holdings to service its debt. This possibility has undermined the narrative of never selling BTC, placing immediate downward pressure on the cryptocurrency's price, he added.

Solayer (LAYER), a Solana Virtual Machine (SVM)-based Layer 1, has launched the mainnet for its on-chain perpetual futures trading platform, Margin Trade, The Block reported. The platform supports trading a variety of assets, including cryptocurrencies, commodities, and stocks, through a single Solana-based margin account. Margin Trade aims to offer the speed and capital efficiency of traditional finance while maintaining transparency and self-custody.

According to CoinNess market monitoring, BTC has fallen below $66,000. BTC is trading at $65,990.91 on the Binance USDT market.

The European Union's Markets in Crypto-Assets (MiCA) regulation will take full effect on July 1, banning unlicensed crypto businesses from operating in the bloc. According to Cointelegraph, Crypto-Asset Service Providers (CASPs) that previously operated under national regulatory frameworks must now obtain a MiCA license or cease serving EU customers. The move could force some firms with pending applications to temporarily suspend their EU operations, potentially affecting millions of users. France's Financial Markets Authority (AMF) stated that 19 CASPs have received MiCA approval to date, while approximately 25 applications are still under review.

Axelar (AXL) has announced its support for Solana (SOL). As a result, Solana can now utilize cross-chain messaging and asset transfer services between the various blockchains supported by Axelar.

The strategy of using airdrops to acquire users has reached its limit, according to an analysis by Delphi Digital. In a post on X, the research firm stated that building a holder base through airdrops is over, noting that for major projects, between 78% and 94% of recipients sold most of their tokens within 90 days. While some point to Hyperliquid (HYPE) and Jito (JTO) as successes, Delphi Digital argued this was not due to the airdrop itself. Hyperliquid absorbed the sell-off with buybacks funded by over $1 billion in revenue, and Jito avoided large-scale farming with a smaller target audience. The firm explained that tokenomics are now shifting to require actual protocol performance, citing MegaETH (MEGA) linking 53% of its supply to performance goals and Pendle (PENDLE) using 80% of protocol revenue for staker buybacks. This marks a move in token distribution from airdrops to performance-based structures, the analysis concluded.

Decentralized prediction market platform Kalshi has officially launched Bitcoin perpetual futures. The contracts are cash-settled and support 24/7 trading.

Bitwise has calculated a theoretical fair value for BTC of approximately $224,000 under the assumption that it is adopted as portfolio insurance against the risk of sovereign debt defaults, CoinDesk reported. In a monthly research report, the firm's European business unit explained that the analysis is based on a model by Greg Foss, which views BTC as an asset similar to a credit default swap (CDS) on national government bonds. Bitwise emphasized that the figure is a model-based illustrative calculation, not a price target or forecast. The model considers BTC a hedge against the default risk of major nations because it lacks a central issuer or a state-backed payment guarantee. The $224,000 valuation was calculated based on the weighted average default probability of G20 countries and the size of the government bond market assumed to be insured.

Whale Alert reported that 237,016,438 USDC has been transferred from an unknown wallet to Coinbase. The transaction is valued at about $237 million.