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.

Grayscale said Wednesday it launched a Hyperliquid (HYPE) exchange-traded product (ETP) with the lowest fee among its U.S.-listed competitors, escalating a price war in one of crypto’s newest and fastest-growing ETF categories.

The asset manager announced the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq, disclosing a 0.29% sponsor fee and confirming the ticker HYPG. The fee undercuts rival Hyperliquid products from both 21Shares and Bitwise and marks the first meaningful fee competition in the emerging market for HYPE investment products.

21Shares’ Hyperliquid ETF, THYP, began trading on Nasdaq on May 12 with a 0.30% expense ratio. Bitwise’s BHYP launched three days later on the New York Stock Exchange (NYSE) with a promotional 0% fee for its first month but will rise to 0.34%. On a normalized basis, Grayscale’s 0.29% fee is now the lowest among the three offerings.

The rapid emergence of multiple Hyperliquid funds reflects growing investor interest in the protocol behind the HYPE token. Hyperliquid began as a decentralized perpetual futures exchange but has expanded into a broader blockchain ecosystem that supports smart contracts, tokenized assets and new financial markets.

Unlike traditional crypto ETFs that simply hold an underlying asset, HYPG is designed to generate additional returns through staking. The fund will seek exposure to HYPE while participating in the network’s staking process, allowing investors to capture staking rewards through the ETF structure. Grayscale said HYPE staking rewards have historically averaged about 2.2% annually.

The launch comes as Hyperliquid has emerged as one of the most closely watched projects in decentralized finance. According to Grayscale, the protocol generated approximately $857 million in revenue during 2025, making it one of the highest-earning applications in crypto.

Much of investor interest has centered on Hyperliquid’s economic model. Grayscale said roughly 99% of protocol fees are directed toward token buybacks, a mechanism supporters argue links network usage directly to HYPE’s value accrual.

“The launch of HYPG on Nasdaq reflects our conviction that Hyperliquid represents something genuinely differentiated in the digital asset landscape, a protocol built to support onchain trading and market activity at scale,” Krista Lynch, Grayscale’s senior vice president of capital markets, said in a statement.

The fund’s debut adds another sign that institutional investors are increasingly looking beyond bitcoin and ether toward crypto-native infrastructure projects that generate revenue and resemble traditional financial networks. Hyperliquid’s growth in perpetual futures trading, combined with its expansion into tokenized assets and other financial products, has led some analysts to view it as a potential building block for a broader onchain market infrastructure.

SpaceX is planning to set the price of its initial public offering at $135 per share in a deal that would raise a record $75 billion and value the company at $1.75 trillion, the company said in a filing with the U.S. Securities and Exchange Commission.

The aerospace company plans to sell 555.6 million shares as part of the offering, according to the filing. If completed at the proposed size, the IPO would rank among the largest public listings ever and mark a major milestone for Elon Musk’s privately held rocket and satellite business.

The offering would also have implications for the crypto market.

SpaceX held 18,712 bitcoin with a fair value of $1.29 billion as of March 31, making it one of the larger known corporate holders of the cryptocurrency. A public listing would bring those holdings into public markets, giving investors indirect exposure to bitcoin through ownership of SpaceX shares.

The company’s bitcoin position has drawn increased attention amid reports that Musk has explored combining SpaceX and electric vehicle maker Tesla (TSLA). Tesla already holds one of the largest corporate bitcoin treasuries among publicly traded companies, with over 11,500 BTC.

If Tesla and SpaceX were ultimately merged, Musk could gain control over one of the largest corporate bitcoin holdings in public markets. Neither company, however, has announced a formal merger plan.

The IPO may also test whether crypto can continue to attract capital amid a crowded market for risk assets. SpaceX’s planned June listing, combined with anticipated fundraising from AI firms OpenAI and Anthropic, is estimated to attract more than $240 billion by year-end, potentially siphoning liquidity from technology stocks, AI investments and digital assets as both retail and institutional investors reallocate capital.

Because bitcoin and other digital assets often compete for the same risk-on investment dollars as high-growth companies, a surge in demand for shares of SpaceX and other high-profile issuers could weigh on crypto prices in the short term.

Ray Dalio has warned that the AI investment boom could break when investors need real cash, not when the technology itself disappoints.

Bloomberg reported that the founder of Bridgewater Associates issued the warning during a television interview, in which he argued that bubbles often end when holders of valuable assets are forced to convert paper gains into spendable money. Dalio said the danger posed by artificial intelligence lies less in the quality of the technology and more in how financial markets fund fast-growing wealth.

According to Dalio, investors often confuse wealth with money. A private company may gain a billion-dollar valuation after raising a much smaller amount of capital, yet that valuation cannot be spent unless shares are sold. In his view, the pressure begins when many holders simultaneously try to convert that wealth into cash.

Dalio flags cash risk behind AI boom

During the Bloomberg interview, Dalio said major technology changes usually create bubbles because investors struggle to value the opportunity correctly. He said companies often spend heavily to win market share, even before the final winners are clear.

Bridgewater estimated that Alphabet, Amazon, Meta, and Microsoft could spend about $650 billion on AI infrastructure in 2026. The firm compared that with roughly $410 billion in 2025, showing how much large technology companies may commit to data centers, chips, and related systems.

Dalio tied that investment scale to a fragile market setup. He said paper wealth can rise much faster than the money supply, leaving investors exposed when debt payments, tax bills, or fund withdrawals force them to sell.

Government debt adds to the strain

In the same interview, Dalio connected the AI bubble risk to pressure on the U.S. government balance sheet. He said the United States spends about $7 trillion while collecting about $5 trillion in revenue, leaving the government dependent on additional borrowing.

Dalio said that heavy borrowing can strain the bond market, especially when long-term rates rise against short-term rates. He has made similar arguments in past warnings about debt, inflation, and the global monetary system.

His bubble indicators, according to Dalio, now sit near levels seen before the 2000 dot-com crash and the 1929 market collapse. He did not frame that as a reason for immediate panic, but he said investors should prepare for weaker returns.

Election timing could raise market tension

Dalio also pointed to a sensitive political window after the midterm elections and before the next presidential vote. He said tax debates during that period could pressure wealthy investors if policymakers push for changes that require asset sales.

At the same time, Dalio said that outside shocks could accelerate a downturn. He warned that any halt in chip exports from Taiwan would hit AI stocks hard because many AI companies depend on an advanced semiconductor supply.

Dalio’s argument also reaches crypto markets, where investors often hold assets whose value depends on liquidity. Bloomberg noted that Dalio still prefers Bitcoin, which he has described as digital gold, over cash.