The Wire PM — June 2, 2026
Bitcoin crashes to $67,468, lowest since April, as 10x Research warns of a slide to $50,000
The Wire PM — June 2, 2026
Bitcoin Crashes 6% to $67,468, 10x Research Warns of $50K
Bitcoin fell as low as $67,468 on Tuesday, its worst single-day drop since early April, as selling pressure compounded throughout U.S. trading hours. 10x Research issued a warning that BTC could slide to $50,000 if the current support band around $67K-$69K fails to hold. Liquidations topped $768 million in 24 hours, with an 84/16 long-short split. CoinDesk's analysis points to AI equities vacuuming up excess liquidity as a bigger driver than Strategy's 32 BTC sale, with Nvidia climbing 6% on the day. (CoinDesk, Cointelegraph)
Strive Adds 2,500 BTC to Reach 19,000 BTC as Strategy Sells
Vivek Ramaswamy's Strive Asset Management bought 2,500 bitcoin last week, pushing its treasury to 19,000 BTC, worth roughly $1.3 billion at current prices. The purchase came the same day Strategy disclosed its first BTC sale since December 2022. The contrast highlights a divergence among corporate bitcoin holders: Strategy is trimming to fund preferred stock distributions while Strive is accelerating accumulation. (CoinDesk)
Sanders, Warren Push Labor Dept. to Kill Crypto 401(k) Rule
Senators Bernie Sanders and Elizabeth Warren sent a letter urging the Department of Labor to withdraw a proposed rule that would open $10 trillion in 401(k) retirement savings to crypto allocations. The rule, prompted by an executive order from President Trump, would create a safe harbor for plan managers offering digital assets. Warren called the proposal "dangerous" and cited crypto's volatility plus Trump's potential conflicts of interest. The comment period remains open. (The Block, Decrypt)
CFTC Chair: Gemini Case Was Politically Motivated, Seeks to Reverse $5M Settlement
CFTC Chair Michael Selig said in a CNBC interview Tuesday that the Biden-era enforcement action against Gemini was "politically targeted" and should never have been filed. The agency filed a joint motion with Gemini to vacate the $5 million settlement reached in January 2025, arguing the complaint does not meet current enforcement standards. Gemini co-founders Tyler and Cameron Winklevoss donated $1 million each to Trump's 2024 campaign and have attended White House events since. Former CFTC chair Rostin Behnam called the reversal "extraordinarily unusual." (Cointelegraph, CoinDesk)
Numbers (Updated)
- BTC: $67,468 (-6.2%)
- SOL: $79.01 (-1.3%)
- ETH: $1,933 (-2.8%)
Explore all Solana yields → · Morning edition → · Follow @yieldwirexyz
Track all Solana yields in real time
Compare APYs across lending, LP, and liquid staking protocols on the YieldWire dashboard.
Open Dashboard →