The Wire PM — June 5, 2026

The Wire PM — June 5, 2026

Bitcoin breaks below $60K for the first time since 2024 Bitcoin fell under $60,000 during US hours after stronger than expected jobs data cooled rate-cut expectations, per Decrypt. The move extends the morning slide: BTC trades near $59,300 this evening, down 6.7% in 24 hours and more than 50% from its October peak. The Zcash counterfeiting disclosure is still weighing on sentiment across the market. Majors followed the leader lower, with ETH down 12.5% and SOL down 10.2% on the day.

Crypto taxes move to the front of the queue in Congress Draft crypto tax legislation is circulating ahead of a House Ways and Means Committee hearing scheduled for next week, The Block reports. With stablecoin and market structure bills already in motion, taxation is the next layer of the US regulatory stack. How staking rewards, mining income and small transactions end up being treated will matter for every yield strategy with US users. Worth tracking closely as the hearing date approaches.

Morgan Stanley lets clients lend crypto for in-kind ETF conversions Morgan Stanley Wealth Management partnered with Galaxy Digital to let eligible clients lend bitcoin and other assets in exchange for spot crypto ETP shares, The Block reports. In-kind conversion lets clients move existing coins into ETF wrappers without a taxable sale, a structure issuers have wanted since the spot products launched. Wall Street keeps building crypto plumbing straight through the drawdown.

Securitize clears SEC hurdle on its path to NYSE as SECZ Securitize's registration statement cleared the SEC, and its SPAC merger is expected to close shortly after a shareholder vote later this month, per The Block. The tokenization platform would list on NYSE under the ticker SECZ. An RWA-native company reaching public markets is another datapoint in the trend the morning wire flagged with Ether.fi's $100 million Plume allocation: real-world asset rails keep compounding while crypto-native yields compress.

Numbers (Updated)

• BTC: $59,317 (-6.7%)
• SOL: $62.25 (-10.2%)
• ETH: $1,549 (-12.5%)

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