The previous business week ended with one of the worst price crashes in bitcoin’s recent history as the asset plummeted to under $60,000 for the first time since late 2024.
This was the culmination of a week-long intensifying selling pressure, which began with BTC trading at over $73,000 but saw the asset lose numerous key support levels in the process. Nevertheless, the bulls finally intervened after this substantial crash and helped bitcoin reclaim the $60,000 level.
The cryptocurrency jumped to $62,000 and even $63,000 on Sunday, before it spiked to $64,000 amid renewed hopes for a permanent peace deal between the US and Iran. However, instead of a deal, the tension skyrocketed when Israel attacked Lebanon, and Iran retaliated. Moreover, US President Donald Trump said Iran had taken down a US helicopter.
Although the situation remained on edge, the POTUS canceled the scheduled retaliation attacks by the US yesterday, which had an immediate effect on crypto markets, with BTC jumping by about $1,500 in minutes. Moreover, he suggested that a peace deal could be announced very soon.
However, the landscape changed again earlier today when Trump said the terms of the war-ending deal circulating in Iranian state media have “NOTHING to do with the terms that were agreed to, in writing.” He also alleged that Iranian officials are “very dishonorable people to deal with.”
The other notable development in the past week was SpaceX’s IPO, which was severely oversubscribed yesterday and broke the record as the largest ever. As of press time, SPCX shares have yet to start trading on Wall Street, but the expected price at opening is $135.
All of the above has impacted BTC to some extent, with the asset now trading at $64,000, or $5,000 higher than its multi-year low from last Friday. Meanwhile, many alts have produced more profound moves, including a 30% surge from ZEC and a 19% pump from XMR.
Cryptocurrency Market Overview Weekly, June 12. Source: QuantifyCrypto
This Week’s Crypto Headlines You Can’t Miss
‘I Never Said the Company Wouldn’t Sell’: Michael Saylor Fires Back After Bitcoin Drop. After the recent backlash against Strategy for selling a tiny portion of its BTC fortune, the company’s founder, Michael Saylor, clarified that he never said the firm won’t sell if it’s necessary. Moreover, Strategy resumed its bitcoin accumulation, buying 1,550 BTC for $100 million.
Is Bitcoin (BTC) Cheap Now? Grayscale Flags Major Buying Opportunity. Analysts at Grayscale noted earlier this week that bitcoin has become undervalued based on multiple on-chain metrics. Although the current conditions are not as extreme as those at previous bear market bottoms, buying opportunities now seem to dominate.
3 Key Metrics Show Bitcoin Miners Are Under Mounting Pressure. The asset’s price decline continues to harm the backbone of the network. The pressure on bitcoin miners has skyrocketed lately, but it has still not reached the collapse-level extremes seen during the bear markets in 2018 and 2022.
Hungary Plans to Decriminalize Cryptocurrency Trading After Orban’s Departure (Report). In another move to distance itself from the Orban administration, Hungary’s new government said it plans to decriminalize numerous cryptocurrency trading options. Recall that the former government imposed very strict rules last year, some of which carried prison sentences.
Japan to Regulate Crypto Like Stocks, Could Pave Way for ETFs. Japan’s parliament is expected to pass legislation to bring cryptocurrency under the same regulatory framework as stocks. Although assets like BTC and ETH will face stricter trading rules, the new law could potentially lower the tax burden for investors.
Tim Draper Explains Why Bitcoin Is Safer Than Banks in the Quantum Era. Quantum computing has caused tons of discussions over the past several months about its potential threats against BTC and other digital assets. However, Tim Draper believes that banks are actually more vulnerable and BTC could prevail.
