BTC USD faces major battles today as Iran tensions flare with Trump proportional strikes while hinting at a deal days away. CPI data will also drop today amid energy spikes. The escalation has already triggered over $400 million in liquidations, pressuring BTC USD at the $61,000 level. Then add SpaceX IPO oversubscription 2 days away.
After proportional strikes, Trump hinted at a potential deal “days away,” yet the Iran escalation sent BTC USD sliding from recent highs. Over $400 million in liquidations hit the market, with more than $300 million coming from long positions. The temporary calm from the earlier de-escalation fractured quickly.
BTC USD now holds unstable ground at $61-62k as energy prices surge from the conflict, feeding macro fears. Total crypto market cap sits steady at $2.2T as Bitcoin dominance slides, but swings could come at any time.
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SpaceX IPO emerges as the big “market test” for June 12. Tom Lee calls any pullback short-lived. According to him, the IPO success helps the bull market and does not signal a top. Chip sell-offs from fund reallocation ahead of the debut will draw buyers back in, he insists.
Following his comment, his firm, Bitmine, scooped 75k ETH worth $123 million from Kraken and FalconX in recent hours, lifting total ETH holdings to about 5.5 million.
LATEST: TOM LEE'S BITMINE JUST BOUGHT ANOTHER $123 MILLION OF ETH
The firm acquired 75,000 ETH over the past 12 hours, as per Lookonchain.
The purchase pushes Bitmine's total holdings to roughly 5.50M ETH worth nearly $8.94 BILLION at current market prices. pic.twitter.com/VB4j0jpkaE
Realistically, the SpaceX IPO could channel fresh capital into tech and crypto ecosystems. People peg the IPO as the next catalyst despite short-term selling pressure. BTC USD dipped to $61k as some raised funds for the oversubscribed debut, yet Lee sees it as bullish long-term. As of today, the oversubscription has reached a $250 billion for a company with a $75 billion valuation.
JUST IN: THE SPACEX $SPCX IPO IS REPORTEDLY APPROACHING 4X OVERSUBSCRIBED
Investor demand has topped $250B for what's set to be the largest IPO in history, as per Reuters.
CPI forecast points to +4.2 percent YoY for May, the highest in over three years, versus 4.2 percent in April. Energy spikes tied to the Trump and Iran conflict are blamed for the jump in gasoline and fuel oil. The drop itself lands at 12:30 UTC, with 70 percent odds of a Fed rate hike now baked in.
BTC USD holds $61-62k pre-CPI in pure speculation mode, but historical patterns show a 9 percent pre-CPI pump is fading on release. Hot data risks a $60k test while cooler figures open $65k. Not just the U.S. CPI drops; Japan’s hot PPI adds yen carry-trade pressure, heightening the impact on crypto.
On the adoption front, Kraken has been named the official crypto exchange of the FIFA World Cup 2026, while Anthony Scaramucci stays a long-term BTC believer, predicting recovery by Q4 2026 or Q1 2027.
We’re proud to announce Kraken is the Official Crypto Exchange Supporter of the @FIFAWorldCup 2026 in North America & Europe.
Crypto tax bills face House Committee pushback, offering potential relief for digital assets. Despite near-term fears from Iran, friction, looming CPI data, and SpaceX’s IPO reallocation, BTC USD has not fundamentally changed, nor has crypto. Institutional accumulation and a bullish stance on the SpaceX IPO bring confidence to the fragile market.
Geopolitical scare remains temporary while adoption milestones accelerate legitimacy. Cooler CPI could bring a liquidity relief rally, pushing BTC USD toward $65k as higher-for-longer fears ease. SpaceX IPO success would strengthen bull market narratives, drawing capital that likely flows into crypto.
Bitcoin (BTC)
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LATEST: TOM LEE'S BITMINE JUST BOUGHT ANOTHER $123 MILLION OF ETH
in North America & Europe. 
