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U.S. President Donald Trump said he wants to see lower interest rates.

The U.S. state of Illinois is considering a 0.2% tax on cryptocurrency transactions, a proposal facing strong backlash from the industry, Cointelegraph reported. The measure, referred to as the Crypto Privilege Tax, was included in the state's fiscal year 2027 budget bill, which has passed the Illinois Senate. The bill includes severe criminal penalties, with brokers such as exchanges and intermediaries facing up to five years in prison for failing to withhold the tax. Critics have warned that the legislation could effectively kill the state's virtual asset industry if signed into law by the governor.

Nasdaq-listed Cypherpunk Technology (CYPH), a firm focused on acquiring Zcash (ZEC), has reiterated its goal of securing 5% of the total ZEC supply, The Block reported. Cypherpunk Chief Investment Officer Will McEvoy stated that Zcash has proven it has an institutional-grade security culture capable of surviving in the age of AI, adding that price fluctuations are a temporary phenomenon. As of May 13, Cypherpunk holds 314,185 ZEC at an average purchase price of $337.86.

Major exchanges have seen $135 million worth of futures liquidated in the past hour. In the past 24 hours, $1,522 million worth of futures have been liquidated.

A long position held by Jeffrey Huang, a famous Taiwanese singer also known as Machi Big Brother, has been partially liquidated, leaving just $11,000 in his Hyperliquid account, Odaily reported.

An advisor to Iran's Supreme Leader told CNN on June 5 that peace talks with the U.S. have stalled over the release of $24 billion in frozen Iranian assets. The advisor stated that the negotiations are deadlocked and that the ball is in President Donald Trump's court to break the impasse. Iran is demanding the immediate release of $12 billion upon the signing of an interim agreement, with an additional $12 billion to be unfrozen in a later phase. U.S. officials, however, are concerned that releasing the assets at this stage would weaken key negotiating leverage. The advisor described the unfreezing of assets as a trust-building measure that would open a new chapter in bilateral relations. He also warned that if the U.S. were to resume military action, Iran would expand the conflict from the Persian Gulf to the Strait of Hormuz, the Indian Ocean, the Bab el-Mandeb Strait, the Red Sea, and the Mediterranean Sea, while adding that the likelihood of war is low. Regarding a potential meeting between Trump and Supreme Leader Ali Khamenei, the advisor dismissed the possibility, stating that the talks are in their first phase and have been stalled by the U.S. president. This contrasts with remarks from President Trump earlier this week, who said he seems to get along well with Khamenei and that a meeting would be a great honor.

BTC has risen by 1.60% in the past five minutes on the Binance USDT market. Currently, BTC is trading at $61,081.54.

According to CoinNess market monitoring, BTC has risen above $61,000. BTC is trading at $61,025.61 on the Binance USDT market.

According to CoinNess market monitoring, BTC has fallen below $60,000 for the first time since October 2024. The cryptocurrency is currently trading at $59,953.43 on Binance's USDT market.

More than $1 trillion has been wiped from the U.S. stock market within the first two hours of trading today, Watcher.Guru reported.

The Solana memecoin launchpad Pump.fun recently launched an open bounty platform that rewards users with cryptocurrency for completing bizarre and often dangerous tasks, drawing ethical criticism from within the crypto industry, Cointelegraph reported. Critics have likened the platform to a real-life 'Squid Game,' arguing it treats the lives of the poor like toys for money. The backlash followed the posting of missions with substantial bounties, such as tattooing a coin ticker on one's forehead or setting a functional vehicle on fire. Currently, the platform has 225 active bounties with an unclaimed prize pool of $115,000, and 509 mission completion certificates have already been submitted.

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

Rep. Brad Sherman, a leading crypto critic in the U.S. Congress, has pushed back against a proposal from federal regulators to use stablecoins for government payments such as tax refunds and disaster relief, calling it one of the worst ideas, Decrypt reported. Sherman argued that if the government were to pay the public in stablecoins, it would officially endorse a shadowy tool meant to replace the U.S. dollar. He claimed that stablecoins are essentially an alternative designed to facilitate a tax-evasion economy. Sherman also warned that lawyers at major law firms are seeking loopholes to bypass regulations on stablecoin interest payments and urged regulators to establish thorough rules.

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

The U.S. House Ways and Means Committee has released draft proposals for seven bills aimed at overhauling the Internal Revenue Service's (IRS) framework for cryptocurrency taxation, CoinDesk reported. A central pillar of the legislation is to ease the tax burden on virtual asset mining and staking rewards. The crypto industry has long opposed the IRS's policy of double taxation, where assets are taxed once upon acquisition as unrealized gains and again upon their sale. The drafts include provisions to significantly reduce this burden or eliminate taxation at the point of acquisition. Additionally, the proposals aim to do away with capital gains taxes on minor asset value fluctuations that occur during small transactions, such as buying a coffee, sending small amounts of stablecoins, or paying network gas fees. The 'wash sale' rule from traditional securities markets, which prohibits artificially creating tax losses by selling an asset and immediately rebuying it, is also planned to be applied to virtual assets. As CoinNess previously reported, the committee was expected to release the seven crypto tax bills as early as Friday, U.S. time.

Major exchanges have seen $105 million worth of futures liquidated in the past hour. In the past 24 hours, $1,378 million worth of futures have been liquidated.

The U.S. Securities and Exchange Commission (SEC) announced it is coordinating regulatory policy with the Commodity Futures Trading Commission (CFTC) on security token trading. The two agencies are collaborating to evaluate numerous proposals for new innovative products and are jointly assessing areas in their respective rulebooks that lack clarity or are incompatible. Additionally, they plan to distinguish between investment and gambling and will seek to block the provision of excessive leverage to the public.

A total of $547 million in ETH long positions on DeFi platforms are at risk of liquidation, Lookonchain reported. This involves 343,075 ETH, with key liquidation points at $1,565.72 ($74.7 million), $1,555.04 ($92.9 million), $1,426.31 ($159 million), and $1,361.73 ($220 million). Separately, Spot On Chain noted that structural selling pressure is building, identifying the $1,555–$1,566 range as an immediate critical threshold. A drop below this zone could trigger a cascading decline to the $1,426 support level, the firm added.

Real-world asset tokenization infrastructure firm Securitize announced it has cleared a final hurdle for its listing on the New York Stock Exchange (NYSE). The U.S. Securities and Exchange Commission (SEC) has declared effective the Form S-4 registration statement for the company's planned merger with Cantor Equity Partners II (Nasdaq: CEPT), a Special Purpose Acquisition Company (SPAC) affiliated with Cantor Fitzgerald. A special shareholders' meeting to approve the merger is scheduled for June 29. If the merger is approved, the combined entity, to be named Securitize Corp., will begin trading on the NYSE under the ticker 'SECZ'.

The CLARITY Act has been stalled ahead of a full U.S. Senate vote amid last-minute partisan disputes over its ethics provisions and anti-illicit finance mechanisms, CoinDesk reported. Senator Angela Alsobrooks (D-Md.) officially declared that she will not support the bill on the Senate floor until a complete agreement is reached on its ethical regulations, particularly those addressing potential conflicts of interest from President Donald Trump's cryptocurrency businesses, and other outstanding issues.

The Nasdaq index is down 2% in intraday trading.

Bitmine, which is facing approximately 15 trillion won (about $11.5 billion) in losses from its ETH investments, has expanded its planned preferred stock offering to raise additional capital, Foresight News reported. The company will increase its Series A perpetual preferred stock offering from three million to 3.5 million shares, aiming to raise around $273.8 million. The funds are slated for purchasing ETH and making other strategic investments.

Zcash has announced it will introduce a new audit method to verify the total supply of its Orchard asset pool following a recent security patch. The company stated that it plans to release specific details and an implementation plan for the verification process later today. This measure is intended to reconfirm the integrity of the asset pool and the accuracy of its supply after the system update.

A whale that had been dormant for five years is now at risk of having its $168 million ETH long position liquidated, according to on-chain analyst ai_9684xtpa. The investor began accumulating the position four months ago. The liquidation prices for the two associated addresses are $1,555.04 and $1,565.72.

According to Lookonchain, an address related to BIT (formerly Matrixport) has deposited an additional 5.84 million USDC to reduce its liquidation risk as the unrealized loss on its 120,000 ETH long position has grown to around $78 million. The current ETH liquidation prices for the four whale addresses are now $1,414, $1,366, $1,360, and $1,309, respectively.