Bittensor’s TAO token has fallen nearly 20% from its June 15 peak after governance concerns, derivatives liquidations, and a risk-off macro backdrop combined to erase much of last week’s rally.

According to data from crypto.news, Bittensor (TAO) price dropped 4.3% in the last 24 hours to trade near $225 on June 19, bringing its losses to nearly 20% since June 15, when the AI-focused token peaked around $283 before governance concerns and derivatives liquidations triggered a reversal.

Bittensor’s decline accelerated after criticism emerged around the proposed Root Reborn governance overhaul, a plan designed to reduce persistent subnet token selling by changing how validators allocate capital across the network.

While supporters view the proposal as a long-term fix for Bittensor’s tokenomics, opponents argue it could introduce governance concentration, liquidity stress, and regulatory complications.

Among the most vocal critics, validator group Yuma warned that Root Reborn would transform validators from neutral network operators into active capital allocators. According to Yuma, the framework could create incentives for collusion, preferential treatment, and frontrunning while encouraging subnet teams to prioritize validator relationships over AI product development.

“Such a change could fundamentally alter the role of validators,” Yuma wrote in its assessment of the proposal.

At the same time, derivatives traders rapidly reduced exposure. CoinGlass data showed TAO futures open interest falling more than 8% over a 24-hour period to roughly $252 million-$260 million. More than $1.66 million in bullish leveraged positions were liquidated during the same stretch, adding forced market selling as prices moved lower.

Trading activity also weakened. Daily volume dropped roughly 14% to about $624 million as traders reassessed protocol risk ahead of further discussions surrounding the governance proposal

Concerns extended beyond governance mechanics. Yuma argued that rewards tied to baskets of subnet tokens could become difficult to liquidate during periods of market stress, while a wave of unstaking could create execution disadvantages for later redeemers.

Macroeconomic conditions added another headwind. Crypto markets remained under pressure after Federal Reserve Chair Kevin Warsh reinforced expectations that U.S. interest rates may remain elevated for longer than previously expected.

The stronger U.S. dollar and declining appetite for speculative assets pushed capital away from high-beta sectors, including artificial intelligence-linked cryptocurrencies.

TAO technical structure favors sellers below key resistance

The daily chart shows TAO breaking below a major horizontal support zone near $237, a level that acted as a floor during April and May. What previously served as support now risks becoming resistance after the breakdown.

Murrey Math levels place the token below the 3/8 trading range support at $218.8, while the next major resistance stands near the 4/8 pivot at $250. A recovery above that region would be required to restore bullish momentum and reopen a path toward $281, where the June rally stalled.

On the four-hour chart, TAO has also fallen beneath the 23.6% Fibonacci retracement level at $228.2 after rejecting the 0.786 retracement near $273.8 earlier this week. Price continues to trade below a descending trendline that has capped every recovery attempt since June 15.

Momentum indicators remain weak. The MACD has crossed into negative territory with expanding bearish histogram bars, while Chaikin Money Flow sits at -0.27, showing capital leaving the market. Although the Stochastic RSI remains above oversold levels on the daily timeframe, both signal lines have turned lower.

According to the 4-hour chart, TAO’s failure to reclaim the broken $237 support leaves the market vulnerable to another leg lower toward the $208 Fibonacci support zone.

TAO loses key support as sellers target lower liquidity zones

CoinGlass liquidation heatmap data shows dense liquidity clusters concentrated between $239 and $241, creating a potential magnet should buyers regain control. Several additional liquidation pockets sit near $244 and $245, where short positions could come under pressure if TAO stages a relief rally.

The downside picture remains equally important. A concentration of leveraged positions has formed around the $225-$226 area, while thinner support appears below current prices until the $220 region. A decisive break beneath $220 could expose the June swing low near $190 before attention turns toward the longer-term support band between $180 and $200.

Regulatory concerns surrounding Root Reborn present another risk. Yuma argued that validators directing capital allocations could attract scrutiny typically associated with investment management activities, potentially complicating participation for exchanges, custodians, and institutional operators.

If uncertainty surrounding the proposal persists while macro conditions remain restrictive, TAO may struggle to reclaim the $237-$250 zone that bulls need to regain control.

Binance is allowed to provide crypto trading access to users in the Philippines through its arrangement with BlockShoals Technologies, but neither company is authorized to handle peso transfers or perform other activities regulated by the country’s central bank, according to legal adviser Marie Antonette Quiogue.

Quiogue, head of legal at BlockShoals, told Cointelegraph in an interview on Friday at Philippine Blockchain Week 2026 that Binance’s local operations fall under the Securities and Exchange Commission’s (SEC) crypto asset service provider (CASP) framework. She said BlockShoals serves as a crypto asset intermediary, introducing Philippine users to Binance’s global trading platform.

The arrangement forms part of Binance’s effort to reestablish a presence in the Philippines after regulators moved to restrict access to the exchange over licensing concerns in 2024. Under the structure presented by BlockShoals, the company participates in the SEC’s Strategic Sandbox, or StratBox.

The Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, told Cointelegraph that neither Binance nor BlockShoals is authorized to operate as a virtual asset service provider (VASP).

“Participation in the regulatory sandbox does not exempt an entity from complying with applicable laws, rules, and regulations, including any licensing requirements imposed by relevant regulators,” the BSP said, adding that it was coordinating with the SEC on the matter.

Cointelegraph’s Ezra Reguerra (left) with BlockShoals head of legal Marie Antonette Quiogue (right). Photo: Cointelegraph

BlockShoals argues SEC framework permits trading access

Quiogue did not dispute the BSP’s statement and acknowledged that neither Binance nor BlockShoals had applied for a local VASP license. The legal advisor argued that the absence of a VASP license does not prevent the companies from providing services under SEC jurisdiction. 

“Trading, the activity of trading, is clearly under the jurisdiction of the SEC,” Quiogue said. “Binance and BlockShoals, we are not moving pesos, which is clearly under the jurisdiction of the BSP.”

Related: Meta rolls out stablecoin payouts for creators in Philippines, Colombia

She said the regulatory structure requires BlockShoals and Binance to obtain authorization from the relevant regulator whenever they introduce services outside the SEC’s remit.

“If BlockShoals and Binance will be offering any product that is regulated by any other government agency, you have to get an authority from them,” she said. 

Binance returns after Philippine access restrictions

Binance first drew regulatory scrutiny in the Philippines in November 2023, when the SEC warned the public that the platform was not authorized to sell or offer securities in the country because it had not obtained the necessary license and registration. 

In March 2024, the commission said it had asked the National Telecommunications Commission to block access to the Binance website and related webpages. Local internet providers subsequently began restricting access to the platform following the order. 

At the time of publication, Binance’s platform was accessible to users in the Philippines. 

Magazine: China’s 107 Bitcoin memory thief, Bithumb CEO booked: Asia Express

Key takeaways

• XMR is down 2% and could record further losses in the near term
• The Fed’s hawkishness weighs on the broader crypto market.

Privacy coins remain under pressure amid weak risk appetite

Monero (XMR) continued its downward trajectory on Friday as bearish sentiment persisted across the cryptocurrency market. 

XMR slipped for a third consecutive session, remaining below the $330 level. 

The broader crypto market came under renewed pressure following remarks from Federal Reserve Chairman Kevin Warsh during his first post-meeting press conference on Wednesday.

While the Federal Open Market Committee (FOMC) left interest rates unchanged, in line with market expectations, investors reacted negatively to the central bank’s hawkish tone. 

Policymakers emphasized their commitment to restoring inflation to the long-term 2% target, prioritizing price stability over near-term monetary easing.

Warsh’s comments suggested the Fed remains comfortable maintaining its current policy stance and is not yet considering interest-rate cuts. Market participants have even begun pricing in the possibility of another rate increase, with current expectations implying a 30% probability of a hike at an upcoming policy meeting.

Risk appetite weakened further as the Crypto Fear & Greed Index fell to 15 on Thursday from 22 a day earlier, keeping the market firmly in the “Extreme Fear” zone. The decline highlights growing investor caution and reduced exposure to risk assets.

Monero price outlook: Correction continues below key resistance levels

Monero remains trapped below the Bollinger Bands middle line near $340 and all major Exponential Moving Averages (EMAs). 

The 50-day EMA sits around $359, while the 100-day and 200-day EMAs cluster near $366, creating a significant resistance zone overhead.

Despite the ongoing correction, technical indicators show signs of improving momentum. 

The Moving Average Convergence Divergence (MACD) histogram remains positive, while the Money Flow Index (MFI) near 65 suggests steady capital inflows. 

However, these signals currently point to corrective rebounds rather than a broader trend reversal as long as XMR remains beneath key resistance levels.

Immediate resistance is located around the Bollinger Bands’ middle line at $340, followed by the 50-day EMA near $359. 

A stronger resistance zone emerges around $367, where the 100-day and 200-day EMAs converge. Beyond that, the upper Bollinger Band near $389 represents the next major hurdle for buyers.

On the downside, support is found near the lower Bollinger Band at approximately $291. A breakdown below this level could accelerate losses and trigger a deeper retracement despite the recent improvement in momentum indicators.

Monero remains vulnerable to further downside as macroeconomic uncertainty and restrictive monetary policy continue to weigh on investor sentiment. 

While technical indicators suggest some underlying buying interest, the privacy coins must reclaim key resistance levels before a more sustained recovery can take shape.

Key Takeaways

• Micron’s fiscal Q3 earnings are scheduled for after-hours Wednesday, June 24
• Wall Street expects EPS of $20.70 (versus $1.71 last year) and revenue of $35.56 billion (versus $9.30 billion)
• Shares have skyrocketed 817% over the trailing twelve months and 298% in 2025
• The company has exceeded earnings expectations for 12 consecutive quarters, yet shares declined following 7 of those announcements
• AI infrastructure spending from major technology firms is projected to surpass $700 billion in 2025, sustaining robust chip demand

Micron Technology shares have delivered extraordinary gains over the past year, surging 817%. However, Wednesday’s earnings announcement may present a challenge — regardless of how impressive the results prove to be.

Micron Technology, Inc., MU

The memory chip manufacturer will unveil its fiscal third-quarter performance after market hours on June 24. Shares were trading approximately 8.70% higher in anticipation of the disclosure.

Analysts are projecting a substantial year-over-year improvement. The consensus calls for adjusted earnings per share of $20.70, a dramatic increase from $1.71 in the corresponding period last year. Revenue projections stand at $35.56 billion, compared to just $9.30 billion twelve months prior, based on FactSet estimates.

These figures represent exceptional growth. However, historical patterns suggest that surpassing expectations doesn’t guarantee share price appreciation.

Micron has exceeded earnings projections for twelve consecutive quarters. Despite this streak, the stock has finished lower in the trading session immediately after seven of those announcements, data from Dow Jones Market Data reveals.

The latest instance occurred in March, when Micron delivered its largest earnings surprise relative to forecasts in two years. Nevertheless, shares declined 3.8% the following trading day.

That being said, MU has rallied 168% since that March announcement. A single-day decline obviously doesn’t capture the complete investment narrative.

AI Infrastructure Investment Context

The broader environment is critical to understanding Micron’s position. Investors are monitoring the company’s performance as an indicator of overall semiconductor demand and whether the artificial intelligence investment wave maintains its strength.

Major technology corporations are anticipated to allocate over $700 billion toward AI infrastructure in the current year, up from $400 billion in 2025. This extraordinary capital deployment has been instrumental in driving memory chip consumption.

“The demand is just through the roof in relation to chip capacity,” noted Steve Kolano, chief investment officer at Integrated Partners, characterizing Micron’s situation as “a classic positive feedback loop.”

The Philadelphia SE Semiconductor Index reached a new record high this week, advancing 7% over the five-trading-day period. Major U.S. equity benchmarks are similarly positioned near all-time peaks, buoyed by robust corporate profits and diminished geopolitical tensions.

Critical Factors for Investors

Beyond the topline financial metrics, market participants will scrutinize Micron’s forward guidance and any remarks regarding data center demand patterns.

Valuation multiples throughout the semiconductor sector have expanded considerably, prompting some investors to question whether the AI-driven rally has become overextended. Micron’s quarterly report offers one of the most direct methods to assess whether underlying demand justifies current market enthusiasm.

The Federal Reserve’s preferred inflation gauge and the final first-quarter GDP revision are also scheduled for release next week, introducing additional macroeconomic variables into the equation.

Barron’s has previously contended that Micron and several chip industry counterparts remain attractively valued relative to AI server hardware requirements.

Second-quarter earnings expansion for the S&P 500 is estimated at 22.9%, declining from 29.3% in the first quarter, according to LSEG research.

Presently, the Wall Street consensus maintains that AI-related momentum continues unabated. SpaceX’s recent public market debut and Nasdaq’s inclusion of AI infrastructure companies such as Astera Labs and CoreWeave have generated additional institutional buying activity from passive index strategies.

Micron is scheduled to announce results after Wednesday’s market close on June 24.

Key takeaways

• ZEC is still struggling under the $477-$500 zone. 
• Although momentum indicators show signs of stabilization, Zcash remains vulnerable to further downside as investors react to persistent macroeconomic uncertainty and rising rate-hike expectations. 

Zcash (ZEC) remains under pressure on Thursday as bearish sentiment continued to dominate the cryptocurrency market. ZEC is facing mounting resistance beneath the $500 mark as investors reduce exposure to risk assets.

Fed’s policy stance causes a negative market reaction

The broader crypto market weakened following remarks from Federal Reserve Chairman Kevin Warsh during his first post-meeting press conference on Wednesday.

Although the Federal Open Market Committee (FOMC) kept interest rates unchanged, in line with expectations, investors reacted negatively to the central bank’s firm commitment to bringing inflation back to its long-term 2% target. The Fed’s emphasis on price stability signaled that policymakers are not yet prepared to pivot toward monetary easing.

Warsh’s comments reinforced expectations that higher interest rates could remain in place for longer. Market participants are even assigning a roughly 30% probability to a future rate hike, reviving concerns about tighter financial conditions and reduced liquidity for risk assets.

Investor confidence weakened further as the Crypto Fear & Greed Index fell to 15 on Thursday from 22 a day earlier, remaining firmly within the “Extreme Fear” zone. The reading highlights growing caution among traders and suggests subdued market participation in the near term.

ZEC price forecast: Zcash faces growing downside risks

Zcash has also remained on the defensive, recording three straight days of losses while trading below its 50-day EMA near $477. 

The continued inability to reclaim this level has reinforced bearish sentiment and increased the likelihood of further downside.

A sustained move lower could encourage additional de-risking among traders, placing the spotlight on key support zones near $434 and $376.

While the MACD histogram remains marginally positive, suggesting some recovery attempts may be forming, the Money Flow Index remains in the mid-40s, indicating relatively weak buying momentum compared with Monero.

The immediate resistance level remains the 50-day EMA at approximately $477. If buyers manage to regain control, attention could shift toward the upper boundary of the descending channel near $549.

On the downside, support is located near the 100-day EMA around $434, followed by the 200-day EMA near $376. 

Should bearish pressure intensify, the lower boundary of the descending channel near $279 could emerge as a critical medium-term support zone.