Crypto World
South Korea’s Plan to Tax Unrealized Gains Sparks Market Chaos and Black Tuesday
South Korea proposed taxing unrealized gains on stocks and real estate at a National Assembly forum on Tuesday. The push triggered what local traders are already calling Black Tuesday across the entire Korean stock market.
The proposal would tax investors on paper profits they have never realized by selling, redefining how wealth is treated in Asia’s fourth-largest economy.
What South Korea’s New Tax Proposal Says
An unrealized gain is the on-paper profit an investor holds before actually selling the asset and converting the value into cash. The new South Korean push would treat that paper gain as taxable income, even if the underlying stock or property has never changed hands.
The forum brought together a powerful coalition. Lawmakers from the Democratic Party, the Progressive Party, the Rebuilding Korea Party, and the Social Democratic Party signed on.
Furthermore, civic groups, including the Korean Confederation of Trade Unions and the Federation of Korean Trade Unions, joined the effort.
The forum title clearly sets the tone. Organizers framed the event as “Exploring the Tax Gap on Asset Income and a Transition to Comprehensive Income Taxation.” The argument rests on a simple idea: rising wealth signals rising capacity to pay, regardless of whether assets are sold.
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The proposal is the latest step in a broader campaign. In February, lawmakers floated lowering the real estate capital gains exemption from ₩1.2 billion to ₩800 million (~$780,000 to $520,000).
Moreover, an April push targeted the long-term holding deduction for property owners.
“We should revive the financial investment income tax, reduce tax exemptions and deductions concentrated among high-income groups, and add nominal brackets to raise the effective tax rate for the ultra-high-income class,” said Park Ki-san, director at the Federation of Korean Trade Unions.
Tuesday marks the first time the campaign has explicitly reached unrealized stock gains.
Under current law, investors owe tax only when they sell shares and lock in a profit. The proposed shift would fundamentally redefine taxation across all major Korean asset classes.
The wider context matters. President Lee Jae Myung reversed an earlier plan in September 2025 to lower the capital gains tax threshold from ₩5 billion to ₩1 billion (~$3.26 million to $652,000) after a retail-investor backlash erased billions in market value across a single trading week.
Why the Proposal Triggered a Korean Black Tuesday
The market reaction was immediate and brutal. Traders quickly dubbed June 23 a Black Tuesday for Korean equities, with major listings plunging across the KOSPI and the broader index. As a result, retail sentiment turned sharply negative within hours of the forum.
The fear among investors is structural. Taxing paper gains would force holders to sell shares simply to pay an annual liability.
Also, the policy could undermine long-term investing, hurt retirement portfolios, and accelerate capital flight toward overseas equity markets across Asia.
Internationally, there is now a clear precedent. The Netherlands passed a similar law on February 12, 2026, imposing a flat 36% annual tax on unrealized gains across stocks, bonds, and crypto assets. The Dutch backlash hit local markets and startups almost immediately.
Critics are already pointing to the Dutch example. They argue the Netherlands case shows how an aggressive unrealized gains regime can choke innovation, drive talent abroad, and pressure household balance sheets.
As a result, opposition lawmakers are expected to escalate resistance in the coming weeks.
Supporters frame the policy as fairness. They argue that high-net-worth holders have an enormous capacity to pay long before selling, while wage earners pay tax on every paycheck. Civic groups insist that closing the gap is essential for a modern income tax architecture.
The path forward remains uncertain. Any actual legislation must still clear the National Assembly, where parties remain divided.
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Crypto World
Shiba Inu Price Prediction: Pepeto Presale Pulls Record Capital as 1.1 Trillion SHIB Exit Binance
The shiba inu price prediction caught a fresh signal on June 19 after BSCN data verified that 1.101 trillion SHIB tokens left Binance reserves between May 1 and June 1, the sharpest exchange drawdown the meme coin has logged this year, while Bitcoin and Ethereum balances climbed across the same window per CoinPedia. SHIB trades at $0.000004559 with the meme coin sector building a base after months of pressure.
Every supply squeeze rewards holders who lock positions in a real project before the market notices, and Pepeto is the sharpest early entry in the meme sector today. Here is exactly why.
Shiba Inu Price Prediction Lifts as 1.1 Trillion SHIB Exit Binance While Meme Sector Builds Floor
SHIB reserves on Binance dropped by 1.101 trillion tokens from May 1 to June 1 per BSCN’s Proof of Reserves data, the heaviest outflow of the year, while Bitcoin and Ethereum balances climbed across the same stretch per CoinPedia.
Shiba Inu (SHIB) trades at $0.000004559 per CoinMarketCap, holding the $0.0000044 floor that has anchored the chart for weeks. Burn activity has slowed to about $5 of SHIB per day per Shibburn, but the exchange supply squeeze is doing the work burns no longer can. SHIB now lands inside a market where tightening supply is meeting fading sell pressure, and that gap is where audited early-stage tokens collect the fastest capital.
Fresh Entries as SHIB Tightens and Meme Exchange Demand Builds
The Presale That SHIB Holders See as Their Next Shot
The meme coin sector lost most of its peak because the typical meme token shipped nothing real. No trading platform, no cross-chain rails, no contract safety. Just hype and hope. That is exactly why the exchange built by the Pepe cofounder reads differently from every other launch live in the sector today.
Pepeto guards wallets against rug pulls, hidden code backdoors, and whale-heavy supply traps spreading through every new meme launch. PepetoSwap settles every order with zero fees touching your stack. The risk engine flags loaded wallets and dangerous contract logic before money lands. The cross-chain bridge moves positions between Ethereum, BNB, and Solana without a single fee.
Over $10.307 million stacked during Fear 14 at $0.0000001878 as the presale heads toward the Binance listing. SolidProof completed every contract check. A developer who came from Binance’s listing crew built the listing path. Staking at 170% APY grows holdings while the exchange scales.
Early SHIB buyers who landed before the 2021 run turned spare change into life-rewriting money, and not one of them admits they put enough in. That exact window is shaping up around Pepeto right now, and the wallets moving before the Binance listing are setting the example everyone else will spend the rest of 2026 wishing they had followed.
Shiba Inu (SHIB) Price at $0.000004559 as 1.1 Trillion Tokens Exit Binance and BTC/ETH Reserves Climb
Shiba Inu (SHIB) sits at $0.000004559 after dropping 3.51% in 24 hours per CoinMarketCap, and holding the $0.0000044 support that has anchored the chart for weeks, while SHIB trades 94.6% below its $0.00008616 all-time high per CoinMarketCap.
The T. Rowe Price crypto ETF eligible-asset list now includes SHIB after an amended SEC filing per CoinDesk, and the US Marshals Service holds 54 billion SHIB on the books. Analysts project a 2026 shiba inu price prediction range of $0.0000040 to $0.0000098, with $0.0000060 as the first resistance wall.
From $0.000004559 to the bull case of $0.0000098 gives roughly 2x over months, while the presale 100x depends on an approaching listing already in sight.
Conclusion
The SHIB outlook shows the supply squeeze is doing exactly what slowing burns no longer can, with SHIB holding the $0.0000044 floor at $0.000004559 while the path to $0.0000098 stretches across many months.
Early SHIB holders who bought before anyone knew the name became the success stories that changed how the market thinks about meme coins forever, and Pepeto is building again in that exact same moment, with a working exchange, a Pepe cofounder behind it, and a Binance listing closing in fast.
What’s left of the presale shrinks with every hour as each round closes faster than the one before, and the time to act is right now because the Binance debut waits for no wallet. The buyers securing their entry before the final tranche fills are the names this cycle will headline, while every wallet that hesitated watches the chance to enter get smaller every day until it turns into the most expensive miss of the year. Once Binance opens trading, the door to this entry shuts and never opens again.
Click To Visit Pepeto Website To Enter The Presale
FAQs
What is the shiba inu price prediction after 1.1 trillion SHIB left Binance from May to June?
Analysts project $0.0000040 to $0.0000098 for Shiba Inu in 2026, with $0.0000060 as the first resistance wall. The supply squeeze on Binance is the freshest bullish signal in months.
Is Shiba Inu a strong buy at $0.000004559 with exchange reserves squeezing on Binance?
Shiba Inu (SHIB) trades at $0.000004559 with tightening supply on Binance and rising T. Rowe Price ETF eligibility. Pepeto at presale pricing targets 100x returns SHIB at $2.6 billion cannot match.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
Crypto World
Ethereum Staking “Tax” Could Already Be Losing Relevance
Ethereum’s funding debate has intensified after a warning from former ecosystem contributors that core development support could face a “slow-burning funding crisis” within months—just as the Ethereum Foundation tightens spending under its stated treasury policy. The backlash quickly broadened into a wider governance argument over who should pay for shared research and coordination work: the validator set via staking-reward taxation, or large ETH-aligned institutions through alternative funding channels.
At the center of the controversy is a proposal from Kleros co-founder Clément Lesaege to redirect part of validator rewards to ecosystem funding using a protocol-level mechanism known as Validator Redirected Revenue. But as community members debated validator-led redistribution—and whether it risks consolidating power among large operators—new efforts to channel private support for Ethereum research and development also surfaced, including the launch of a nonprofit called EthLabs.
Key takeaways
- A former Ethereum Foundation contributor warned of a potential “slow-burning funding crisis” in the core development ecosystem within three to nine months as older support programs wind down and spending declines.
- Clément Lesaege’s Validator Redirected Revenue proposal would allow validators to signal a redirect rate (0% to 10%); if supported by a majority, the redirect becomes mandatory for all.
- Critics argue the mechanism could entrench large validators, blur governance lines, and effectively turn validators into a tax authority.
- Ethereum’s treasury policy already targets a multi-year cash buffer and a gradual reduction in annual spending; Vitalik Buterin indicated the Foundation is decreasing its budget in line with that plan.
- The emergence of EthLabs shifts the conversation toward institutional, foundation-complementary funding rather than changing validator economics at the protocol level.
From warnings to a governance flashpoint
The latest round of Ethereum funding drama began on Friday, when former Ethereum Foundation contributor Trenton Van Epps cautioned that Ethereum’s core development ecosystem could face a “slow-burning funding crisis” within three to nine months. His argument was tied to the timing of expiring support programs and a decline in Foundation spending.
Van Epps estimated that maintaining more than 10 client, research, and coordination teams costs roughly $30 million per year. He further argued that existing programs—such as the Client Incentive Program—may no longer be enough to cover the full bill. In his framing, Ethereum is moving into an “inheritance” phase where the Foundation is no longer the sole steward of protocol funding, requiring new arrangements to replace what is expiring.
While Van Epps’ warning resonated with some community members, others dismissed the premise. For example, Bitmine’s Tom Lee reportedly rejected the idea of a near-term crisis, saying there was “zero chance” Ethereum would run out of funds for protocol development.
What the Ethereum Foundation’s treasury policy actually says
Even amid public disagreement, the Ethereum Foundation’s own published treasury policy provides an important counterpoint: it describes a long-run buffer and spending limits rather than an imminent funding cliff. According to the Foundation’s policy, it aims to hold a 2.5-year operating expense buffer in cash and stablecoins, while also planning to cap annual spending at 15% of total treasury assets and then gradually reduce spending over time toward a 5% baseline.
On Tuesday, Ethereum founder Vitalik Buterin said the Foundation is decreasing its budget by roughly 40%, aligning with the policy as it transitions from spending around 15% of its funds annually before 2026 toward the lower long-term target after 2030. The debate, then, is less about whether Ethereum can fund core work indefinitely and more about the political and economic structure of funding as spending tightens.
Validator Redirected Revenue: why the proposal triggered backlash
Lesaege’s proposal is designed to address a classic coordination failure: shared infrastructure benefits everyone, yet no single party reliably funds the work needed to maintain it. In his view, the funding problem persists even if a treasury exists, because shared development still needs stable, predictable incentives and a mechanism to align contributors with ecosystem priorities.
The approach—published on Eth Research—would require validators to signal the share of their staking rewards they are willing to redirect. Lesaege suggested a range between 0% and 10%. If a majority of validators supports a non-zero redirect, the redirected allocation would become mandatory for all validators.
Based on current staking levels, Lesaege estimated that even a 5% to 10% redirect could produce roughly 50,000 to 70,000 ETH per year for ecosystem funding, which he calculated as approximately $82.5 million to $115.5 million at then-current ETH prices cited in the article.
But the mechanism’s governance implications proved difficult for many participants to accept. Critics warned that redirecting rewards at the protocol level could shift power toward a stake-weighted validator majority, entrench large operators, and blur the boundary between running validation and influencing ecosystem funding policy. In other words, even if the economic amounts look manageable in isolation, the precedent of turning consensus-layer incentives into a treasury-like authority raised alarm.
How staking operators and investors view reward compression
Beyond governance, the proposal raised practical concerns for institutional staking providers. A spokesperson for Figment told Cointelegraph the plan could compress margins, which tends to consolidate the validator set toward larger, more integrated operators serving institutional clients. In their view, that consolidation would come “at the cost of some operator diversity” and could reduce net new ETH stakers.
Twinstake’s Andrew Gibb added that different investor segments could respond differently. While long-term ETH holders might welcome a better-funded ecosystem, shorter-horizon capital—such as retail participants, liquid multi-asset funds, and reward-focused allocators—may be less receptive to lower consensus-layer returns. Gibb said the proposal could narrow the addressable staking market at the margin, and he expected some clients to reevaluate staking allocations.
Max Shannon, senior research associate at Bitwise, offered a different lens: he said staking participation so far has shown limited sensitivity to reduced rewards. Shannon pointed to a decline in ETH staking APR from about 4.6% in June 2023 to around 2.7% now, alongside increases in staked supply and the staking ratio. However, he warned that further reward compression would make risks—such as slashing and exit-queue liquidity risk—more material compared with expected returns.
Shannon also suggested a potential second-order effect: if net consensus-layer yield falls, validators might rely more heavily on MEV to offset lost APR. That shift, he noted, could be a risk to Ethereum’s censorship resistance, depending on how MEV dynamics evolve.
How big is the funding gap—economically and politically?
Even supporters of the need for new incentives appeared to agree that the scale of the “gap” may not be enormous. Shannon argued that if the annual shortfall is around $30 million and total annual staking rewards are roughly $1.9 billion, filling the gap could theoretically require only about 1.6% of staking rewards. In purely economic terms, that looks like a single-digit reduction rather than a major haircut.
Where the dispute intensifies is the governance question. Shannon maintained that networks with hard-coded development funding are not automatically better off just because rewards are earmarked. Protocol success, he argued, depends more broadly on token performance and contributor incentives than on any single developer funding mechanism. The conflict, then, isn’t only about affordability—it’s about whether changing validator economics should be the tool Ethereum uses to solve a shared-work problem.
EthLabs reframes the funding model
Parallel to the Validator Redirected Revenue debate, a nonprofit called EthLabs emerged as a “credibly neutral” alternative. It was unveiled Monday by five former Ethereum Foundation researchers and presented itself as an Ethereum R&D lab backed by major ecosystem supporters, including BitMine, Sharplink, and Joseph Lubin, founder of ConsenSys.
The idea, as described in the coverage, is that EthLabs would complement rather than replace the Ethereum Foundation. Instead of redirecting staking rewards at the protocol level, large ETH-aligned institutions can fund development directly through a research and development entity.
In an X post shared Monday, Ethereum co-founder Joe Lubin said the Foundation still has “an enormous amount of top tier talent” focused on “the cypherpunk core components” of the protocol, while other Ethereum research and development efforts could explore different dimensions. That aligns with comments from Figment and Twinstake leadership emphasizing the risk of compressing margins and narrowing staking participation if validator economics are modified.
EthLabs also appears to shift the question for investors: rather than whether Ethereum can fund itself, the debate moves toward how it should structure funding—whether that should remain primarily foundation-led, become more institution-driven for adjacent work, or combine both approaches.
For now, the core uncertainty is political. If reward redirection proposals remain contentious, EthLabs will face a practical test: can non-profit and institution-led funding absorb enough of the ecosystem’s development and coordination needs to satisfy stakeholders without changing consensus-layer economics? Investors and builders will likely watch how quickly EthLabs organizes priorities—and whether it reduces pressure for protocol-level redistribution in future governance debates.
Crypto World
Ripple secures preliminary approval in EU through Luxembourg MiCA license
Ripple, the blockchain company behind the XRP Ledger, is on its way to regulatory approval in the European Union (EU) via licensing in Luxembourg.
The San Francisco, California-based firm received a preliminary green light for a Crypto Asset Service Provider (CASP) license from the country’s Commission de Surveillance du Secteur Financier (CSSF) under the EU’s Markets in Crypto Assets (MiCA) regulation, Ripple said Tuesday.
A license would enable Ripple to offer its stablecoin payment systems to European companies and allow it to expand into broader crypto functions, according to the announcement.
MiCA allows companies that receive approval in one EU state to offer cryptocurrency services across the bloc.
The regime was one of the first comprehensive regulatory frameworks for cryptocurrency in a major market when it was voted into law in 2023, but there has been signs this year that the honeymoon period is coming to an end. The European Commission, the EU’s executive branch, opened a consultation last month to assess if MiCA is still fit for purpose.
Among the concerns about MiCA’s shortcomings is criticism over stablecoin rules, relating to a blanket ban on offering interest and reserve requirements that demand issuers hold as much as 60% of backing assets in cash deposits at commercial banks.
Crypto World
Starmer’s Departure and Andy Burnham’s Role: Implications for UK Crypto
UK politics is entering a leadership transition that could reshape how the government thinks about digital assets—at least in tone, and potentially in the pace of implementation. Prime Minister Keir Starmer has stepped down, after a period that included a moratorium on cryptocurrency donations to political campaigns. The announcement has quickly turned attention to Labour’s likely successor, with Andy Burnham emerging as a frontrunner.
Burnham, a former Mayor of Greater Manchester and a longstanding advocate for using technology to drive regional economic growth, has spoken positively about blockchain and Web3. However, he has not yet laid out a detailed national digital-assets policy—meaning investors and builders will be watching whether rhetoric turns into concrete regulatory action.
Key takeaways
- Starmer’s tenure included a moratorium on crypto donations to UK political campaigns, justified on election integrity and foreign influence concerns.
- Andy Burnham has publicly embraced the idea of Web3 supporting economic development, but has not published a comprehensive national regulatory plan.
- A reversal of the crypto donation ban appears politically difficult, especially with scrutiny from Labour’s left.
- Industry executives cited in the coverage expect regulators to remain independent and largely “settled,” focusing attention on execution rather than a dramatic policy pivot.
- Any cabinet reshuffle during the transition could slow momentum at a time when authorization and regulatory processes are moving forward.
From stablecoin enthusiasm to a leadership test
Burnham’s crypto-friendly positioning has largely been expressed in the context of his work as mayor, where he framed digital technology as an engine for jobs and growth. Coverage referenced his willingness to back the idea of making Manchester a “Web3 powerhouse,” reflecting a broader “bottom-up” philosophy that emphasizes devolution and local public-private partnerships.
That local approach—often summarized as “Manchesterism”—can produce tangible pilots and partnerships, but it raises a question for national-level policy: how quickly can a regional model scale into coherent, UK-wide regulation?
Nick Jones, founder and CEO of UK digital asset services platform Zumo, told Cointelegraph that Burnham’s rhetoric has been influenced by his role as mayor, including comparisons between Manchester’s industrial history and the city’s potential to lead a Web3 “revolution.” Jones added that if Burnham becomes prime minister, he would likely understand the need to ensure the UK remains central to the future financial system.
Another view came from Benoit Marzouk, CEO of GBP stablecoin issuer tGBP. Marzouk characterized Burnham’s Manchester experience as “not a handicap,” arguing that it could help implement and accelerate policy aligned with the digital asset industry across the UK.
What matters most: the crypto donation moratorium
While leadership uncertainty is drawing attention to broader digital-assets policy, one specific measure already has political momentum behind it: the moratorium on cryptocurrency donations to political campaigns.
According to the coverage, the ban was introduced in March following an independent review conducted by Philip Rycroft, a former civil servant turned consultant. The review reportedly concluded that the pseudonymous nature of crypto creates unacceptable risks for transparency in political financing.
Rolling back a policy endorsed by an independent review carries obvious political risks, and the article highlighted likely internal pressure from Labour’s left if any change appears to reopen the door to crypto-funded campaigning. The difficulty increases given that Reform UK has been able to rely on crypto-linked fundraising in recent elections, according to reporting cited in the piece.
Reuters, as referenced in the coverage, reported that crypto donations from billionaires based overseas put Reform well ahead of Labour in the fundraising race. The article also noted that Nigel Farage is under investigation over an undisclosed £5 million gift from British Thai-based businessman Christopher Harborne, and that Farage said he should be able to spend the gift as he wishes.
Given these dynamics, the coverage argues that an “180-degree” reversal from Burnham is unlikely. Marzouk expects a more pragmatic approach—less headline policy and more implementation-focused steps.
Regulation expectations: continuity, not upheaval
Several executives interviewed in the coverage emphasized continuity in the regulatory landscape. Tom Rhodes, chief legal officer for UK stablecoin issuer Agant, told Cointelegraph that the industry does not expect the next prime minister to interfere with specific policies. Rhodes suggested that regulators remain independent and that cryptoasset regulation is “nearly settled.”
Marzouk tied “success” during a first year to tangible outcomes that go beyond ambition: finalizing a stablecoin framework, running pilot programs involving government and GBP stablecoins, and continuing work related to tokenization.
At the same time, the piece stressed that Burnham has not published a detailed digital-assets policy. His public comments, as described, reflect enthusiasm more than commitments to specific regulatory milestones—such as how proposed stablecoin rules, the Financial Conduct Authority’s crypto framework, or the crypto political donation ban itself will be handled in practice.
Jones similarly argued that Burnham is on record backing the sector’s economic potential and that—if he takes office—his stance is unlikely to reverse the existing growth-focused posture. The more immediate uncertainty, Jones added, is whether political transition mechanics disrupt the people implementing the regulatory regime.
Transition risks: policy momentum versus political reshuffles
The road from Starmer’s exit to a new government will include leadership vote procedures and time away from parliament, which could complicate continuity. The article reported that Labour has not yet set an official timetable for replacing Starmer, though Starmer previously indicated he wanted nominations open on July 9 after a NATO summit. Sky News, as referenced, suggested it could be a week later—on July 16—when parliament goes on summer recess.
It also described the voting threshold for the selection process: the winner must receive more than half the votes cast, with ballots recast based on preference if no candidate reaches the required majority.
For the crypto industry, however, the practical risk is less about election arithmetic and more about institutional continuity. Jones warned that any cabinet reshuffle could remove ministers familiar with the evolving regulatory regime at a “critical inflection point,” when regulators and industry are preparing for authorization processes. In that scenario, even small delays could matter for firms planning compliance, product timelines, and pilot participation.
That same tension—between ambitious digital-asset messaging and the administrative reality of moving regulatory work forward—may define Burnham’s early months in office, whether he chooses to keep current policy channels intact or to adjust how quickly they progress.
For now, market participants should watch whether Labour’s leadership transition produces stable personnel and clear delivery timelines—especially around stablecoin rules and any interpretation of the donation moratorium—because that is where policy intent will likely become operational reality.
Crypto World
Claude Outage Hits Public Users While Government Tier Stays Online
A Claude outage disrupted public access to Anthropic’s AI for about 85 minutes on June 23, while Claude for Government kept running. The incident highlighted how the company separates its public and federal systems.
The disruption, logged as elevated error rates across multiple models, spread on X after users noticed the government service stayed online on Anthropic’s status page while consumer tools showed failures.
How the Claude Outage Unfolded
Anthropic began investigating early on June 23 and said a fix was in place within about 35 minutes. The elevated errors lasted roughly 85 minutes, and the company marked the incident as resolved a little over 2 hours after the first alert.
The errors hit claude.ai, the Claude API, Claude Code, the Console, and Cowork. Claude for Government did not appear among the affected services.
Over 90 days, it logged 99.93% uptime, compared with 99.1% for claude.ai, a gap of roughly 19 hours of downtime versus about 90 minutes for the government tier.
That gap fueled the reaction, especially among paying subscribers already irritated by recent Claude usage limits. One widely shared post captured the mood.
“Claude is down with a major outage for everyone except for the government,” one user noted.
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Two-Tier Access by Design
The split is deliberate. Claude for Government runs isolated from commercial users, with FedRAMP High authorization carried through Palantir’s federal cloud service.
That is the tier the GSA handed to all three branches of government last year for $1.
Dedicated environments like this are standard across regulated cloud, which is why it held while shared consumer systems faltered.
The outage extended a rough stretch for the public tier. Anthropic’s status page logged more than 20 error or outage incidents between June 9 and June 23. Most named its newest flagship Opus 4.8.
To meet rising demand, the company has locked in up to 5 gigawatts of new Amazon compute capacity and leased additional data center capacity.
The isolated government tier never shared that strained pool.
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Crypto World
Bitcoin slides to $62,300 as tech stock rout drags crypto lower
The crypto market fell on Tuesday, with bitcoin trading at $62,300, having lost 2.5% since midnight UTC, while ether (ETH) tumbled by more than 4% to $1,650.
The selloff follows Monday’s downturn in technology stocks, with another day in the red foreshadowed by Nasdaq 100 futures, which have cratered by 2.5% since midnight.
Tech stocks are struggling due to profit-taking and the risk of higher bond yields, according to Patrick Munnelly, market strategy partner at TickMill.
Altcoins performed worse than bitcoin and ether, with tokens such as ethena (ENA) and hype (HYPE) losing 5%-6% and $717 million in liquidations across the market spurring exaggerated downswings.
The Dollar Index (DXY) rose to its highest level in more than a year, hitting 101.15, the most since May 2025.
Derivatives positioning
- The most notable data point in derivatives is the 10% surge in open interest (OI) in SpaceX perpetuals listed on Hyperliquid, Binance and other exchanges while the price has dropped by 15%.
- This combination validates the downtrend and suggests the deployment of leverage on the short side. The OI increase is the highest among major tokens, a clear sign of a raised preference for trading traditional assets over blockchain rails.
- SpaceX futures are also now the sixth-largest in the world, ahead of several prominent coins such as ZEC, but still behind BTC, ETH, XRP, and others.
- XRP futures open interest increased to 2.38 billion tokens, revisiting eight-month highs. These continued capital flows come alongside a near 2% drop in the token for the week, and follow last week’s 5% slide.
- As with SpaceX, this combination validates the downtrend. Even more so, in fact, because the OI-adjusted 24-hour cumulative volume delta (CVD) is negative for the second straight day, a sign of price action being led by traders shorting at market prices rather than passive limit orders.
- Traders continue to scale back exposure to BTC futures. Open interest has slipped to 720K BTC from 742K BTC last week. It hit a peak of 800K BTC early this month.
- In ether, futures OI has bounced up from five-week lows to 14.13 million ETH, but overall positioning remains light compared with the peak of 15.98 million ETH on May 28.
- Broadly speaking, sellers seem to be dominant across most of the top 25 coins. Most of these coins have negative OI-adjusted 24-hour CVD.
- Traders are also likely to keep an eye on bitcoin’s 30-day implied volatility index, BVIV, which has turned higher from 40%. The increase suggests higher demand for options. Ether’s volatility index, EVIV, is displaying a similar pattern. Upswings in volatility indexes are typically a feature of bearish price trends.
- In the options market, the structure is long calls (or bullish bets) heading into the quarterly expiry on Friday. However, these long positions are sitting on losses, given the collapse in spot prices throughout the quarter. In the meantime, put options, or downside bets, are sitting in the money or in profit.
- Put-call skews show the market continues to pay for downside protection, a sign of persistent, cautious sentiment.
Token talk
- Privacy coins dash (DASH) and monero (XMR) showed strength despite Tuesday’s crypto selloff, with DASH losing just 0.2% since midnight and XMR about 0.7%
- The same cannot be said zcash (ZEC), a rival privacy coin that was hit by an AI-inspired exploit earlier this month. ZEC lost 4.2% over the same period, falling in line with the broader altcoin market.
- AI tokens FET, RENDER and TAO also struggled, dropping 3%-5% as negative sentiment from tech stocks spilled over into crypto.
- One positive for investors is that the average crypto relative strength index (RSI) is currently at 39.05, suggesting “oversold” conditions that could pave the way for a bounce or a relief rally over the course of the day.
Crypto World
Strategy’s STRC slump is not a Terra repeat, Benchmark says
A stablecoin promises to hold a fixed $1 value, but STRC never made that promise. It is a preferred stock, a class of equity that pays a set dividend, engineered to trade near $100 but with no peg to defend, so it cannot “depeg” the way UST did.
“Strategy’s objective has been to support STRC’s trading at a level near $100, not to guarantee it,” Palmer said. “In our view, what has happened with STRC is best described not as a depeg — something that was never pegged cannot be depegged — but as a market-driven reset of required yield.”
UST was algorithmic, holding its dollar value through a mint-and-burn loop with a sister token, LUNA, and no hard reserves behind it. When confidence broke, the loop unwound and both fell to near zero.
STRC has no such self-reinforcing mechanism. It is backed indirectly by Strategy’s bitcoin, which the company said Monday now totals 847,363 coins worth about $54.5 billion.
The drop does affect Strategy’s buying engine, however. When STRC trades at or above $100, the company issues new shares and uses the cash to buy more bitcoin.
Below that level the channel stops working – explaining why Strategy has paused it.
Crypto World
Arthur Hayes Sees $40,000 Bitcoin Bottom Within the Next Six Months
Arthur Hayes expects Bitcoin (BTC) to bottom near $40,000 within the next six months, a prediction the BitMEX co-founder made even as his core positions stay heavily long.
Bitcoin changed hands around $62,278 on Tuesday, down about 3% over 24 hours and locked in a range it has held for weeks. A move to Haye’s target would constitute a 35% drawdown below current prices.
Arthur Hayes Eyes a $40,000 Bitcoin Floor
Hayes laid out the call during an interview with content creator EllioTrades on June 12. He said he holds put spreads as a hedge, while his long-term book stays large and strictly long.
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The $40,000 target would mark a steep retreat, and adds to a run of recent calls from Hayes, including a more bullish year-end Bitcoin target. His willingness to hedge, however, signals caution about the next few months.
“I’m going to stick with it,” Hayes said when asked if his $200,000–$250,000 target still holds with only weeks left in the year. “If I’m wrong it doesn’t matter… I’m long, I’m still happy either way.”
MicroStrategy Buys Help Bitcoin Reclaim $65,000
Bitcoin had recovered earlier in the week, and MicroStrategy’s buying helped it reclaim the $65,000 level. The company added 520 BTC and lifted its cash reserves by $300 million to $1.4 billion. That extended dividend coverage to nearly 10 months.
Analysts at QCP flagged that the buying likely came through a dilutive at-the-market stock program. Even so, investors took comfort in the liquidity rebuild, and the firm’s STRC preferred shares recovered above $90.
BTC will likely require a confluence of positive catalysts to break decisively out of its current range,” the analysts stated.
The accumulation has limits, however. Wintermute said MicroStrategy keeps buying at a slower pace as funding costs rise.
It added that the two largest structural buyers, exchange-traded funds (ETFs) and Strategy, now provide less marginal demand than before.
Hawkish Fed Keeps Bitcoin Boxed In
The bigger drag came from the Federal Reserve. Policymakers held the benchmark rate between 3.50% and 3.75%.
They also stripped the easing bias and tilted the dot plot toward a hike, lifting the median 2026 rate projection to 3.8% from 3.4% in March.
That shift repriced expectations fast. The market now prices December rate hike odds near 37%, up from about 24% a month earlier, according to Wintermute. Most policymakers, 17 of 18, now see inflation risks tilted to the upside.
Fed Chair Kevin Warsh’s hawkish policy turn reinforced the message, signaling a committee set on fighting inflation. The stance held even as oil prices fell.
The backdrop leaves Bitcoin on the defensive. A collapsed US-Iran agreement and roughly $600 million in weekend long liquidations had already weighed on prices.
Traders now look to Thursday’s Personal Consumption Expenditures (PCE) report, where consensus sees core inflation rising 0.3% to 0.4%.
Quarter-end could add to the swings. JPMorgan estimates institutions may shift as much as $165 billion from equities into bonds by the end of June.
That would rank as the largest such reallocation in at least four years. For now, Wintermute sees little sign of fresh demand.
This is a market stabilizing beneath the surface on lighter positioning and cleaner leverage, not one finding new buyers,” Wintermute analysts stated.
The post Arthur Hayes Sees $40,000 Bitcoin Bottom Within the Next Six Months appeared first on BeInCrypto.
Crypto World
$170M Ether longs liquidated as crypto market tumbles: Is ETH doomed?

ETH price hangs in the balance as a fresh wave of liquidations pressure the altcoin and spillover from Bitcoin’s struggles to hold $62,000 impact investor sentiment.
Crypto World
Bitcoin Holds Key Price Floor Despite Weak Bullish Signals: Bitfinex Alpha
Over the past week, bitcoin (BTC) has traded between $62,000 and $72,000. Despite bullish conditions not being fulfilled, the leading digital asset has managed to hold its floor.
Analysts at the crypto exchange Bitfinex revealed in the latest Bitfinex Alpha report that the current crypto market environment is being reshaped by shifting Federal Reserve expectations and inflation risks. These factors have created near-term pressure for risk assets like gold and BTC; regardless, the floor of the latter has remained intact.
Bitcoin in Limbo
On-chain data shows that neither bulls nor bears are firmly in control. With BTC trading within the $62,500–$72,000 consolidation zone, the market appears to be in limbo, rather than a sustained bearish phase.
Bitfinex analysts outlined two bullish tests for a potential sustained uptrend on lower timeframes, but they all failed. The tests were a sustained spot exchange-traded fund (ETF) market bid and a calming of the derivatives complex, with funding moving from neutral to negative.
In the face of the failure, there are now two opposing forces pulling at market sentiment on inflation: the potential of softening energy risks following a peace deal between the U.S. and Iran and the Fed’s focus on inflationary heat rather than the immediate relief in crude prices.
For BTC to continue holding its floor, the Fed needs to be willing to “hold its nerve,” according to experts. It remains to be seen how the market will move until this happens.
Fragile Bullish Conditions
Analysts further explained that ETFs are currently the primary proof of the market’s indecisiveness. These products have failed to establish a bullish trend and have instead reverted to net redemptions. The total volume traded across ETFs has declined significantly, but it is still not low enough to support a bearish case. So they are also in a state of limbo, and not a bear market.
Nevertheless, a structural perspective indicates that BTC is trading below the active-investor cost basis. The $68,500–$72,000 zone remains the primary overhead supply band, and analysts expect further compression within the $62,000–$64,000 range, or broader movements between $60,000 and $70,000 in the coming days.
As the market gives in to either the bulls or the bears, the $68,500–$72,000 range is expected to act as significant resistance, as many investors in this range are at a loss and are likely to sell at break-even. So, BTC now has three key levels: the $54,000 foundational floor, the $72,000 break-even point for recent buyers, and the $77,200 hurdle for short-term holders.
The post Bitcoin Holds Key Price Floor Despite Weak Bullish Signals: Bitfinex Alpha appeared first on CryptoPotato.
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