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CryptoQuant's recommendation that MicroStrategy (MSTR) halt its Bitcoin purchases came two weeks too late, BeInCrypto reported. The day before, CryptoQuant had advised MicroStrategy to increase its cash reserves, citing depleted dollar reserves and rising dividend obligations. However, BeInCrypto noted that MicroStrategy had already shifted its focus to securing cash two weeks prior. Last week, the company purchased only 520 BTC and allocated $300 million of the $355.5 million raised from a common stock sale to its reserves. While CryptoQuant argued that MicroStrategy needs to boost its reserves to $2.8 billion for its preferred stock (STRC) to regain its $100 par value, BeInCrypto countered that the company has other options, such as issuing more shares, without having to sell its Bitcoin holdings. The report concluded that the pace of MicroStrategy's capital-raising efforts will be a key issue for the market going forward.

CoinMarketCap's proprietary Fear & Greed Index registered 20 today, down one point from yesterday. The index remains in the fear stage. A score closer to 0 signifies extreme market fear, while a score closer to 100 indicates extreme optimism. The index is calculated based on several factors, including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data like put/call ratios, the Stablecoin Supply Ratio (SSR), and CoinMarketCap's own search data.

This spot CVD chart provides an order book analysis for the BTC/USDT spot pair. The top section shows a Volume Heatmap, and the bottom section displays the Cumulative Volume Delta (CVD). - The Volume Heatmap at the top tracks the scale of trading volume at specific price levels. The background color brightens when the price lingers in a particular range or experiences a significant move. Brighter areas may act as potential support or resistance levels. - The Cumulative Volume Delta (CVD) indicator at the bottom represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. The yellow line indicates orders between $100 and $1,000, while the brown line represents large orders between $1 million and $10 million.

Following the Senate, the U.S. House of Representatives has passed a bill to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) until 2030, Watcher.Guru reported.

The Chicago Board Options Exchange (Cboe) announced the launch of its new prediction market, Cboe Predicts. The platform now supports trading in binary options contracts based on the Mini S&P 500 Index (XSP). Investors can take a "Yes" or "No" position on whether the XSP index will close above a specified price at a given time. A correct "Yes" position, where the index closes above the benchmark, results in a fixed payout of $100 per contract, while an incorrect bet yields $0.

Onchain Lens reported that two new wallets, suspected of belonging to Bitmine, have withdrawn 35,138 ETH ($58.39 million) from BitGo and Kraken.

The CLARITY Act is now facing opposition from law enforcement agencies, following similar pushback from religious groups and labor unions, Eleanor Terrett reported. A coalition of four major U.S. police and law enforcement agencies expressed strong concerns in a joint letter to White House officials. The group warned that a specific provision, Section 604 of the Blockchain Regulatory Certainty Act (BRCA), would create serious gaps in surveillance, significantly undermining their ability to track and prosecute illicit activities involving digital assets. They also noted that the bill fails to establish safeguards commonly applied to traditional financial institutions and could exempt certain virtual asset participants from specific KYC and AML reporting requirements.

The U.S. Senate is set to unveil a cryptocurrency taxation bill as early as this fall, Cointelegraph reported. According to Bloomberg, Republican Senator Steve Daines stated that the basic framework for the legislation has already been prepared.

BitMEX co-founder Arthur Hayes has predicted that Bitcoin (BTC) will bottom out at the $40,000 level within the next six months. According to BeInCrypto, he stated in a recent interview that while his long-term portfolio remains heavily long, he has established a hedge position using a put spread to counter short-term downside risks. Hayes added that he is maintaining his year-end price target for Bitcoin of $200,000 to $250,000.

Julio Moreno, head of research at CryptoQuant, argued that Strategy should stop making additional Bitcoin purchases and time its buys more strategically. He attributed the primary cause of the price of Strategy's preferred stock (STRC) falling below $100 to the company's deteriorating fundamentals. Moreno dismissed claims that leveraged position liquidations were the main driver, pointing instead to the STRC dividend's cash coverage dropping to an all-time low. He explained that Strategy's dollar reserves are being depleted, while its annual dividend obligation for STRC has quadrupled this year to $1.2 billion. While Strategy holds a significant amount of Bitcoin, selling it to secure cash would likely damage shareholder value, Moreno added. He concluded that the company's strategic priority should be to halt further Bitcoin acquisitions and focus on rebuilding its cash reserves.

U.S. Senate Democratic leadership is strongly urging their Republican counterparts to hold a hearing into alleged ties between President Donald Trump's family crypto business and the Abu Dhabi royal family, The Block reported. In a letter, senior Democratic senators including Elizabeth Warren and Gary Peters argued that the stake in the Trump family's DeFi project, World Liberty Financial (WLF), could pose a threat to national security. The Wall Street Journal previously reported that an investment institution led by Abu Dhabi's Deputy Prime Minister, Sheikh Tahnoon bin Zayed Al Nahyan, secretly acquired a 49% stake in WLF just before President Trump's inauguration. Several months later, the Trump administration announced a framework permitting the export of artificial intelligence (AI) semiconductors to the United Arab Emirates (UAE). Democrats contend that Congress must investigate whether this investment agreement influenced the administration's policy decisions. With the Republican Party currently holding the majority in Congress, they have full authority over whether to convene a hearing. The allegation is also a significant hurdle for the passage of the Clarity Act, fueling demands to add conflict of interest and ethics provisions to the bill.

An executive order signed by President Donald Trump to accelerate the development of advanced quantum computers and prepare for related security threats could be a positive development for Bitcoin, according to an analysis cited by The Block. Alex Pruden, CEO of quantum resistance firm Project Eleven, explained that while blockchain was not directly mentioned, the move could positively influence the transition to quantum-secure technology. He noted that the executive order applies to federal government systems and contractors but is significant for setting a regulatory direction. For Bitcoin, Pruden stated that the real issue is the specific path to adopting post-quantum cryptography (PQC) signature schemes, highlighting the need to focus on proposals like BIP-360, which aims to introduce a wallet format resistant to quantum computing attacks and enable voluntary migration.

The probability of a December interest rate hike by the U.S. Federal Reserve has surged to 77% from 24% a month ago, Cointelegraph reported, citing data from crypto market maker Wintermute.

Coinbase announced the addition of GROVE to its listing roadmap.

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of Kentucky over jurisdiction for prediction markets, The Block reported. The move follows a lawsuit filed by Kentucky last week against prediction market platforms Kalshi and Polymarket for allegedly offering unlicensed sports betting services. This makes Kentucky the ninth state to be sued by the CFTC.

The three major U.S. stock indices closed lower today. - S&P 500: -1.44% - Nasdaq: -2.21% - Dow Jones: -0.09%

The Nasdaq Composite has extended its intraday losses, now down 2.14%. The S&P 500 is trading 1.43% lower, while the Dow Jones Industrial Average has slipped 0.07%.

The U.S. Department of the Treasury has sanctioned nine individuals and 26 entities linked to a Southeast Asian fraud ring for allegedly laundering billions of dollars through cryptocurrency investment scams, Cointelegraph reported.

Bitcoin (BTC) has fallen below the lowest band of its widely-followed Rainbow Chart, a long-term price model, raising questions about its validity, BeInCrypto reported. The model, which uses a logarithmic regression curve to divide the price into different colored bands, has a bottom zone labeled "Bitcoin is dead." BTC's price is now trading below even this level. BeInCrypto noted that another once-popular model, Stock-to-Flow (S2F), also lost credibility after it predicted a post-halving price of $500,000 in 2024, while the actual peak reached only $126,000.

A coalition of U.S. Catholic anti-human trafficking organizations and other civic groups has sent a letter to Senate leadership expressing concern over the Blockchain Regulatory Certainty Act (BRCA) provision within the CLARITY Act. They argue that the BRCA could weaken the oversight framework for illicit financial activities and create regulatory loopholes that could be exploited by human trafficking rings, international criminal organizations, and child exploitation criminals. The letter specifically points to Section 604 of the BRCA, stating it introduces broad exemptions and regulatory uncertainty that could make it difficult to monitor transactions related to money laundering, sanctions evasion, and organized crime. This development indicates that opposition to the BRCA is expanding beyond law enforcement agencies to include religious and civic organizations.

While MicroStrategy's (MSTR) annual dividend obligation has increased fourfold to $1.2 billion, its cash holdings have decreased by 38% this year, CryptoQuant reported. The firm noted that as a result, the company's dividend coverage has plummeted from over seven years to just 14 months. CryptoQuant emphasized that MicroStrategy should halt its Bitcoin purchases and increase its cash reserves.

Meta CEO Mark Zuckerberg has ordered the development of a prediction market app similar to Polymarket and Kalshi, The New York Times (NYT) reported. According to the report, the app is being developed under the name 'Arena' and will operate separately from Facebook, Instagram, and WhatsApp. The app is expected to initially use a game point system instead of real-money betting. However, Meta has reportedly not ruled out the possibility of introducing real-money betting in the future. The NYT noted that Meta's move into prediction markets is part of Zuckerberg's new service strategy to respond to changes in online user behavior.

Bitcoin is facing a major inflection point ahead of the release of the U.S. May Personal Consumption Expenditures (PCE) price index on June 25 and the expiry of about $10 billion in Bitcoin options on June 26, according to an analysis by CryptoSlate. The outlet explained that the PCE data could alter the liquidity outlook, while hedging related to the options expiry could amplify price volatility. This week could determine whether BTC can hold the $60,000 support level, CryptoSlate added. Bitcoin is currently trading at around $62,500. In the options market, the $60,000 put option level is seen as a key support, while the $80,000 call option level is considered a major resistance. The Max Pain price is around $74,000.

The U.S. Department of Justice (DOJ) has seized a cloud computing account that operated the backend system for Cambodia-based cryptocurrency money laundering platform Huione Guarantee, The Block reported. Huione Guarantee is an online marketplace identified as being used for cryptocurrency-based money laundering and illicit fund transfers.

Brazil's Federal Public Ministry (MPF) has reaffirmed that political parties and election candidates are prohibited from receiving cryptocurrency donations, in accordance with a regulation in effect since 2019. The MPF explained that while election donations require clear identification of the donor, the pseudonymity of cryptocurrencies can undermine the transparency of a fund's origin. It added that parties or candidates who receive election funds in the form of cryptocurrency could face penalties, including fines.