Crypto News Today (June 29): BTC Still Under $60K, Strategy Pivots to Buybacks and the US Jails Billionaire for $1Bn Crypto Fraud

In crypto news today (June 30), BTC USD continues to trade under $60,000, with the monthly close today likely to dictate the price action for July. Liquidations continue to slow, with only $286M in positions liquidated over the past 24 hours, down from over $1Bn just last week.

This week saw ETF flows continue in the same direction as last week, with over $231M worth of Bitcoin sold across the various products, adding to last week’s total outflows of over $1.7Bn. Until these outflows slow down, it is unlikely that Bitcoin will reclaim $60,000.

While nearly every major cap token is currently in the red over the past 24 hours, Solana (SOL) and Hyperliquid (HYPE) are two of the more notable projects in the green today, up +2% and +4.5% respectively. Daily trading volume has dropped over the past 24 hours, going from $105Bn yesterday to $82Bn today.

With Bitcoin still struggling to reclaim $60,000, the Fear & Greed Index has kicked off this week by reflecting this shaky price action, sitting at 15/100, up from 12/100 yesterday, a slight increase in sentiment but nothing to write home about.

Crypto News Today: Strategy Launches $1Bn Repurchase Plan Following MSTR and STRC Crash

Strategy paused its Bitcoin purchases last week, marking a shift for the largest corporate holder of the token as pressure grows on its balance sheet and securities linked to its Bitcoin strategy. The company said its dollar reserve rose to $2.55Bn and announced a new repurchase program for up to $1Bn of digital credit securities.

In an 8-K filing with the Securities and Exchange Commission, Strategy said it made no Bitcoin acquisitions between June 22 and June 28. Instead, the company expanded its US dollar reserve and introduced a new Digital Credit Capital Framework meant to govern how that cash can be used.

Under the new policy, the reserve may be used only to support preferred stock dividend payments and interest expenses on outstanding debt. Management must keep at least 12 months of expected annual preferred stock dividends and interest obligations in reserve.

The cash balance rose from $1.4Bn as of June 21 to $2.55Bn as of June 28, including shares sold but not yet settled as of June 26. Strategy raised the reserve through at-the-market sales of its Class A common stock, MSTR, selling 12.7 million shares last week for about $1.15Bn. The company still has $24.3Bn of MSTR shares available for issuance under that program.

Strategy has established repurchase programs for up to $1.0B of our Digital Credit securities and up to $1.0B of $MSTR. This will create flexibility to accretively buyback securities during market dislocations. Repurchases will not be funded from the USD Reserve.

— Michael Saylor (@saylor) June 29, 2026

US Court Sentences Chinese Billionaire to 30 Years in Prison for $1Bn Crypto Fraud

In other crypto news today, a US court has sentenced Chinese billionaire Guo Wengui, also known as Miles Guo, to 30 years in prison for cryptocurrency fraud. Prosecutors stated that Guo orchestrated a scheme that resulted in investors losing hundreds of millions of dollars. Federal Judge Analisa Torres also ordered the forfeiture of Guo’s assets and directed him to pay $889M in restitution to the victims, according to court filings.

After leaving China more than a decade ago, Guo portrayed himself as a critic of the Chinese Communist Party and garnered a large following among the Chinese diaspora. Prosecutors claimed that he exploited the trust of his supporters, convincing them to invest in projects he controlled, including various cryptocurrency ventures.

Guo was arrested in March 2023, and the US Department of Justice reported that he operated a fraudulent scheme that stole more than $1 billion from thousands of investors. According to the department, Guo raised over $262M through the Himalaya Exchange crypto ecosystem alone.

In July 2024, a federal jury found Guo guilty on nine counts of fraud and conspiracy. Prosecutors revealed that he had promised investors high returns while misusing their funds to purchase a mansion, luxury cars, and other high-end items.