Israeli tax authorities have received far fewer crypto tax corrections than expected under a voluntary disclosure program that offers criminal immunity to eligible taxpayers.

According to a Wednesday report by Globes, the Israel Tax Authority had expected the program to generate up to $1 billion in tax revenue from undeclared cryptocurrency profits. However, the authority has so far received disclosures covering only about $50 million in crypto capital, the report said.

Crypto disclosures fall short of tax authority expectations

Globes reported that only 58 taxpayers had used the voluntary disclosure route to correct earlier crypto tax filings. The figure remains far below the level officials expected after the policy was introduced in August 2025.

Under the procedure, eligible crypto holders can avoid criminal proceedings if they correct their reports and pay the full tax owed. Globes said the protection applies only where the value of the taxpayer’s crypto holdings did not exceed the equivalent of $522,000 as of December 2024.

The report added that taxpayers must submit accurate disclosures and complete the tax payment before Aug. 31, 2026. The low response has left the authority with a small share of the revenue it had expected from undeclared digital asset gains.

Lack of anonymous route weakens incentive

Iftach Simhony, a CPA and head of the tax department at Prof. Bein Law Office, told Globes that the procedure has a major weakness for crypto taxpayers because it does not include an anonymous track at the first stage.

Simhony said the absence of anonymity becomes more serious in cryptocurrency cases. According to his comments reported by Globes, taxpayers who do not believe their enforcement risk is high may have less reason to enter a process that exposes them before they receive certainty.

The Globes report said Israeli officials still believe large sums of crypto-related profits remain outside the tax system. It said authorities see the disclosed $50 million as only a small part of possible underreported holdings.

Bank of Israel data shows large crypto holdings

According to the Bank of Israel’s financial stability report for January to June 2024, Israelis held about $1 billion worth of crypto assets. The figure gives context to the gap between expected voluntary disclosures and the amount reported so far.

The weak uptake also comes as Israeli financial authorities have been paying closer attention to digital assets. As crypto.news previously reported, Israel had moved toward tighter stablecoin regulation as the Bank of Israel examined how private digital currencies could fit into the country’s future payments system.

At a recent financial conference, Bank of Israel officials said the central bank was reassessing the role of private digital currencies in daily transactions. The officials said stablecoins were moving beyond crypto trading circles and into payment discussions.

US lawmakers weigh small crypto tax relief

Outside Israel, crypto tax reporting has also drawn attention in the United States. Members of the US Congress introduced the PARITY Act in May, which would direct the IRS to review a de minimis exemption for digital assets.

Under the proposed measure, US taxpayers would not be required to report certain small crypto transactions to the IRS. The proposal comes as governments continue to weigh tax enforcement against the practical burden of reporting routine digital asset payments.

Worldcoin price has surged over 40% since late May after whale activity and network growth climbed to their highest levels of 2026, strengthening the case for a move toward the next major resistance zone near $0.65.

According to data from crypto.news, Worldcoin (WLD) traded near $0.53 at press time on June 4 after rallying from roughly $0.33 just days earlier. The advance coincided with a sharp increase in whale transactions worth more than $100,000, alongside a jump in active addresses and new wallet creation across the network.

Large holders began accumulating as WLD emerged from a prolonged consolidation period that had confined prices for much of the year.

Santiment data showed daily whale transactions reaching their highest level of 2026, while active addresses climbed above 1,300. New address growth also accelerated, suggesting participation was expanding beyond existing holders.

Network activity received an additional boost from the integration of Oku Trade into the World App. The feature introduced weekly rewards of up to 100 WLD for users participating in token swaps through a leaderboard system, creating fresh transactional demand within the ecosystem.

Interest in the project’s AI-linked narrative has also remained strong. With OpenAI chief executive Sam Altman closely associated with Worldcoin, traders have increasingly treated WLD as a proxy for the intersection between artificial intelligence and crypto, particularly as AI-related tokens regain momentum across the market.

Whale activity and network growth support the rally

Worldcoin’s gains have stood out against a difficult backdrop for digital assets. On June 2, the total cryptocurrency market lost more than $40 billion in value as Bitcoin (BTC) fell toward the $70,000 region, yet WLD continued advancing while many large-cap assets moved lower.

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Capital rotation appears to have played a role. Rather than exiting crypto entirely, traders shifted into tokens backed by active ecosystem developments and improving on-chain metrics. Worldcoin benefited from both trends as whale accumulation tightened available supply while network usage expanded.

Commenting on the move, crypto analyst Bitcoin Meraklisi highlighted a major technical breakout that unfolded after months of consolidation.

“Descending channel broken. First target reached. Retest completed.”

The analyst’s chart showed WLD breaking above a descending channel that had contained price action since September before successfully retesting the breakout zone.

#WLD 🥳

Alçalan kanal kırıldı ✅
İlk hedef geldi ✅
Retest yaptı ✅

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Dostlar $WLD Eylül ayından bu yana içerisinde bulunduğu alçalan kanalı yukarı kırmayı başardıktan sonra ilk hedef olarak belirttiğim 0.4681$ seviyesine ulaştı.
Sonrasında dün piyasa genelinde yaşanan geri… https://t.co/V2dLusvgyx pic.twitter.com/fB9XOZI6K0

— Bitcoin Meraklısı (@Bitcoinmeraklsi) June 3, 2026

Technical setup places $0.65 within reach

On the daily chart, Worldcoin has broken above the upper trendline of a descending triangle pattern that had constrained price action for several months. The breakout followed a prolonged base formation near the $0.24 support zone and triggered one of the token’s strongest daily advances this year, lifting WLD above $0.54.

Trading activity expanded significantly during the breakout. Earlier market data showed daily volume surging more than 130% as buyers pushed WLD above its 20-day and 50-day exponential moving averages, reinforcing bullish momentum.

The measured move derived from the height of the triangle places the next major objective between $0.65 and $0.70. From the current price near $0.54, a move to $0.65 would represent roughly 20% upside. A breakout above that area could open the door to a retest of the January highs near $0.75.

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Momentum indicators remain firmly bullish. The MACD has produced a fresh bullish crossover while the histogram continues to expand above the zero line. At the same time, the Supertrend indicator has flipped positive near $0.27, confirming a shift in market structure after months of persistent selling pressure.

Traders will be watching the breakout zone around $0.45 as the first key support area. Holding above that level would keep the bullish structure intact and maintain the path toward the $0.65 target. A move back below $0.45 could expose the next support levels near $0.38 and $0.32, where buyers previously stepped in during the consolidation phase.

With whale transactions, active addresses, and new wallet creation all reaching yearly highs, Worldcoin’s on-chain backdrop remains considerably stronger than it was during previous rallies. As long as those trends continue and buyers defend the breakout level, the technical setup continues to favor a test of the $0.65 area in the sessions ahead.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Wyoming Governor Mark Gordon has signed an executive order establishing a framework for developing data centers and advanced computing facilities, underscoring the state’s push to attract AI infrastructure investment as demand for computing power accelerates.

In an order published Wednesday, titled “Data Centers the Wyoming Way,” Gordon directed state agencies to support the responsible development of large-scale data centers and other advanced computing projects. The framework emphasizes water and environmental sustainability, workforce development and protections for residential electricity customers.

“This Executive Order applies to executive branch agencies involved in permitting, reviewing, regulating, supporting, or facilitating large-scale data center development within Wyoming,” the order states.

The Wyoming directive follows a White House push on AI, coming one day after President Donald Trump signed an executive order promoting advanced AI technologies for national security purposes.

AI-related infrastructure spending continues to surge across the United States. Four of the “Magnificent 7” tech companies — Microsoft, Amazon, Meta Platforms and Google-parent Alphabet — are expected to invest more than $650 billion on AI and data center infrastructure this year alone.

A significant portion of that spend is intended to increase their footprint in the lucrative enterprise cloud market and build up the infrastructure needed to train and run large language models.

Berkshire Hathaway earlier this week increased its investment in Alphabet as the conglomerate seeks to deepen its financial interests in AI.

State of Wyoming Executive Department Executive Order 2026-03. Source: State of Wyoming

Related: Wyoming Senator revives crypto tax exemption debate amid market structure talks

Wyoming’s AI ambitions intersect with Bitcoin mining

Wyoming’s push into AI and data centers aligns with its broader efforts to leverage its energy resources and business-friendly policies to attract technology investment.

The state has also emerged as a hub for Bitcoin mining. In 2024, CleanSpark expanded its Wyoming footprint through the acquisition of a mining facility tied to 75 megawatts of power capacity.

Although CleanSpark remains largely a pure-play Bitcoin miner, several peers have diversified into AI and high-performance computing (HPC) services to offset pressure on mining revenues following the 2024 Bitcoin halving. 

Companies including IREN, MARA Holdings, Cipher Digital, Hut 8, HIVE Digital and TeraWulf have expanded their focus beyond Bitcoin mining by pursuing AI and data center hosting opportunities.

Bernstein analysts late Wednesday initiated coverage on TeraWulf and Cipher as part of their tracking of what they call “emerging AI infra.”

Related: Crypto Biz: Crypto infrastructure spending rises as ETF appetite cools

For a few hours Wednesday Asia time, Zcash’s blockchain appeared not to be producing any new blocks — but that’s an issue with the block explorers themselves, not the chain, per some observers.

Think of the blockchain as a ledger that keeps growing as new transactions are added. Each “block” is a new entry in the ledger. So, when the network stops making new blocks, no new transactions can be confirmed. This is like the entire payment system freezing for several hours.

According to multiple Zcash block explorers, the most recent block was number 3,364,601, created at 5:27 AM UTC on June 3. After that, no new blocks appeared for over four hours. Normally, Zcash adds a new block roughly every 75 seconds (just over a minute).

However, the Zcash blockchain was not down. The problem was that some of the block explorers didn’t update their nodes after the recent network upgrade.

“A coordinated Zcash network upgrade was activated at block 3364600. Many block explorers had not yet updated their nodes at the time of the upgrade, resulting in a loss of visibility into the chain’s state,” CEO of ZODL Josh Swihart told CoinDesk.

“In simpler terms, a network upgrade is a ‘hard fork’ of the chain. The miners started producing blocks on the new chain, leaving the old one behind, but many popular block explorers were still watching the old one,” Swihart added.

Mert Mumtaz, CEO of Helius, an infrastructure provider to Solana, also echoed Swihart’s explanation behind the incident.

He said this is an issue with some block explorers not updating their nodes since the network upgrade this week, and that they are working on updates now.

Zcash’s native token ZEC has surged 8% over the past week, according to CoinDesk data, bucking the broader market weakness. The token has gained 46% in the last month.

For crypto investors, this event is a reminder that even well-known networks can run into technical hiccups.

UPDATE (June 3, 18:17 UTC): Adds comments from Josh Swihart.

UPDATE (June 3, 11:00 UTC:) Updates title and text to say the issue may have been with the block explorers.

Bitcoin BTC$64,412.99 and the broader crypto market steadied Wednesday from Tuesday’s slide after Strategy (MSTR), the largest publicly listed bitcoin holder, sold a small portion of its stash and spot ETFs extended a record run of net outflows.

The cryptocurrency’s 14-day RSI has dropped below 30, a textbook oversold reading. The indicator measures the speed and magnitude of price movement over a two-week period.

While a reading below 30 suggests bearish momentum is dominant, analysts often read this as a sign that the selloff has been too rapid and could stall, allowing for a recovery. While not guaranteed, it’s a stance that has played out several times.

Oversold readings in early February, November 2025, late February 2025, and August 2024 marked interim or major price bottoms. So there are hopes the selloff may soon ease.

Some analysts are more cautious. “Blood is in the water, trade accordingly,” Monarq Asset Management said in a Telegram chat.

“With the long‑anticipated regulatory clarity from the Clarity Act looking less likely every day (Jamie Dimon openly hostile, pulling no punches, using DC clout to position against it), value and speculative buyers are stepping back and looking for the long‑term, long‑anticipated capitulation move,” Monarq CIO Sam Gaer told CoinDesk.

According to Gaer, $60,000 is back in focus and a break below that level could trigger a sell‑off to as low as $45,000, as forecast by the theory that the BTC price follows a four‑year cycle.

QCP Capital noted a spike in BTC implied volatility, saying the message is less “buy the dip” and more “please insure the dip before discussing it.”

Broadly speaking, weakening institutional and corporate bids and Fed rate‑hike concerns limit the scope for a sustainable recovery even as the RSI hints at a potential bounce. According to QCP, BTC needs to hold above $67,000 to restore bullish sentiment. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

• Bullish crypto bets lose $1.6 billion as ETH, SOL, DOGE drop 9% (CoinDesk): Crypto traders hoping the market would catch up to the global stock rally were left nursing tears on Wednesday as a sharp price drop triggered the largest liquidation event since early February.
• Prediction market traders bet bitcoin’s selloff has further to run (CoinDesk): Markets now imply a 66% chance of bitcoin falling below $55,000 and a coin-flip chance of sub-$50,000 prices before year-end.
• SpaceX is worth less than half of its $1.75 trillion IPO target, Morningstar says (CNBC): With SpaceX expected to start trading on the Nasdaq in just over two weeks, Morningstar analysts say it is “significantly overvalued.”
• Hostilities flare in Iran war, oil jumps with talks at a stalemate (Reuters): The flare-up, which sent oil prices rising more than 1%, comes with the conflict stalemated in a shaky ceasefire and the ‌Strait of Hormuz largely closed, more than three months after initial U.S. and Israeli strikes on Iran.

Today’s signal

The chart shows bitcoin’s daily price swings in candlestick format with the 14-day relative strength index in the lower panel.

The RSI has slipped below 30, suggesting oversold conditions. Similar readings have previously marked interim or temporary price bottoms.

Israeli taxpayer disclosures of profits from cryptocurrencies have reportedly fallen short of expectations at the Israel Tax Authority after enactment of a policy allowing immunity from criminal proceedings for filers correcting their reports.

According to a Wednesday report from Globes, Israeli authorities had expected to gain up to $1 billion in taxes from “voluntary disclosures” allowed under an August 2025 policy, but have so far only received reports of a fraction of those capital earnings.

The local news outlet reported that the tax authority had received reports of $50 million combined from crypto capital, with the potential of billions of dollars in underreported holdings.

“In the cryptocurrency field, the difficulty of the absence of an anonymous track is even more acute,” said Iftach Simhony, a CPA and head of the tax department at the Prof. Bein Law Office, Globes reported. “When the risk assessment of some taxpayers is not high, and the procedure itself does not offer certainty or anonymity in the first stage, the incentive to undergo voluntary disclosure is weakened.”

The voluntary disclosure procedure announced by the tax authority gives crypto holders immunity from criminal charges, provided the value of their holdings did not exceed the equivalent of $522,000 as of December 2024, they filed correct reports and paid their taxes in full before Aug. 31, 2026. Globes reported only 58 filers had attempted to correct their taxes using the procedure.

Related: Israel crypto industry pushes regulatory changes amid strong public support

According to the Bank of Israel’s financial stability report for January to June 2024, Israelis held about $1 billion worth of crypto assets.

US lawmakers seek to create de minimis exemption for crypto taxes

A group of members of the US Congress introduced legislation in May called the PARITY Act that would direct the US Internal Revenue Service (IRS), to review creating a de minimis exemption for digital assets. Under the proposed law, taxpayers could not be forced to reported small crypto transactions to the IRS.

Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Crypto-backed super PACs swept Tuesday’s primaries, with all 11 candidates supported by Fairshake affiliates advancing or winning their races, extending the industry’s electoral winning streak while revealing a strategy increasingly focused on cultivating Democratic allies rather than backing established crypto champions.

The results spanned nine California congressional races, New Jersey’s 8th District, and South Dakota’s Senate primary. The roster included supporters of the Clarity Act, the GENIUS Act and blockchain developer protections, as well as candidates who signed pro-crypto pledges through Stand With Crypto.

Among the winners were California Democrats Zoe Lofgren, Ted Lieu, Dave Min, Lou Correa, and George Whitesides, along with New Jersey Democrat Rob Menendez as well as South Dakota Republican Mike Rounds.

All this comes just a week after crypto-backed groups scored another series of victories in Texas, where Fairshake affiliates and other industry-backed PACs spent more than $9 million supporting candidates across both parties.

The most notable defeat in Texas was Rep. Al Green, a longtime crypto critic and House Financial Services Committee member who held an F rating from Stand With Crypto.

With Polymarket bettors divided on which party will control Congress after November, crypto groups have increasingly pursued a bipartisan strategy, seeking to ensure they retain influence regardless of whether Democrats, Republicans, or a split government emerges from the midterms.