hodler

5 Jun 2026, 01:30

Has The Bitcoin Crash Ended After Falling Below $70,000?

Bitcoin (BTC) has crashed below $70,000, underperforming the already weak crypto market as selling pressure tests price action. Market analyst Crypto Patel noted that he had anticipated this significant drop, citing BTC’s fragile price structure and persistent bearish factors in recent weeks. Now, the expert is sharing new insights on the latest price decline, forecasting how far the ongoing correction might go and what could come next for the leading cryptocurrency. Analyst Predicts More Declines Ahead For Bitcoin Crypto market analyst Crypto Patel on X is predicting further declines for Bitcoin, identifying $50,000 as a potential bottom for this cycle. In what he called a “Bitcoin Profit Update,” Patel highlighted that he had accurately forecasted the recent 19% crash in Bitcoin in his earlier posts. Related Reading: Here’s Why The Bitcoin Price Is Crashing And What To Expect Next Previously, the analyst had warned that Bitcoin’s previous $80,000 level represented strong resistance, coupled with a fair value gap (FVG). He predicted that from its prior price of around $82,800, Bitcoin would likely drop to $68,000. Despite criticism from some market watchers, Patel remained firm and closely monitored the market. His forecast proved largely accurate, as BTC recently fell more than 19%, reaching $67,000. He attributed the move to a Bitcoin liquidity grab, followed by activity around the FVG and a bearish order block around the $89,000 level. Looking ahead, Crypto Patel noted Bitcoin has formed a lower high around $82,800, a move he had been waiting to confirm. He also highlighted that stop losses have moved lower, from $98,000 to $82,900. The analyst has marked the $82,800 region as the current critical change of character (ChoCH) trigger, signaling that traders should watch this level closely for potential market shifts. According to Crypto Patel, only a high-volume, high-timeframe close above $82,800 could flip Bitcoin back to bullish territory. Without it, he expects another significant decline. BTC’s Downside Targets Point To $40,000 Crash In a recent X post, Crypto Patel reiterated that his bias toward Bitcoin remains bearish, expecting the cryptocurrency to crash to much lower levels. He acknowledged the possibility of a short-term relief bounce toward $75,000, but emphasized that this would likely be temporary. Following this projected rebound, the analyst expects BTC to drop to its next lower low target near $50,000 later this year. Related Reading: Bitcoin Bearish Flag Goes Up As Expert Analyst Predicts A Massive Crash To $44,000 Patel marks a break of structure (BOS) level around $59,800 on his chart as the key trigger that could open the path to the $50,000 plunge. He also noted that if bearish momentum persists, Bitcoin could face an even steeper decline, potentially dipping into the $40,000 – $45,000 range. Featured image from Geety Images, chart from Tradingview.com

5 Jun 2026, 01:10

South Korean Lawmaker Proposes Bill to Prevent Crypto Mispayments After Major Bitcoin Error

BitcoinWorld South Korean Lawmaker Proposes Bill to Prevent Crypto Mispayments After Major Bitcoin Error South Korean lawmaker Baek Seon-hee of the Rebuilding Korea Party introduced a legislative amendment on June 4 aimed at preventing cryptocurrency mispayments, following a high-profile incident earlier this year where a large Bitcoin transfer was sent in error through a domestic exchange. Background of the Proposed Amendment The proposed amendment targets the Act on the Protection of Virtual Asset Users, seeking to mandate that virtual asset service providers implement a real-time information processing system. This system would continuously link actual asset balances with internal ledgers, ensuring immediate detection of discrepancies. Key Provisions for User Protection The bill also requires exchanges to incorporate an automatic feature that can restrict or halt transactions when abnormalities are detected. This includes scenarios such as balance mismatches or unusually large-scale transfers that deviate from normal user behavior. Why This Matters for Crypto Users The legislation directly addresses a critical vulnerability in the crypto ecosystem: human error during transactions. Unlike traditional banking, where reversals are possible, cryptocurrency transfers are often irreversible once confirmed on the blockchain. This amendment aims to create a safety net for users before funds leave their accounts. Conclusion If passed, South Korea would strengthen its position as a jurisdiction with proactive consumer safeguards in the digital asset space. The bill reflects a growing regulatory focus on operational reliability and user protection, setting a potential precedent for other markets grappling with similar issues. FAQs Q1: What prompted this bill? A large-scale Bitcoin mispayment incident at a South Korean crypto exchange earlier this year highlighted the lack of safeguards against user errors. Q2: How would the system work? Exchanges would need to run a real-time verification system that cross-checks user balances against internal records, flagging any mismatches immediately. Q3: Can transactions be reversed under this bill? The bill does not reverse completed transactions. Instead, it focuses on preventing erroneous transfers by halting them before they are executed. This post South Korean Lawmaker Proposes Bill to Prevent Crypto Mispayments After Major Bitcoin Error first appeared on BitcoinWorld .

5 Jun 2026, 01:00

US House Committee to Unveil Sweeping Crypto Tax Legislation This Week

BitcoinWorld US House Committee to Unveil Sweeping Crypto Tax Legislation This Week The U.S. House Ways and Means Committee is expected to introduce a package of seven cryptocurrency tax bills as early as today, marking a significant step toward creating a federal tax framework for digital assets. According to a report from Bloomberg, the proposed legislation addresses several long-standing ambiguities in how cryptocurrencies are taxed, including the timing of taxation for mining and staking rewards, a capital gains tax exemption for certain stablecoin transactions, and the application of wash sale rules to digital assets. Key Provisions in the Proposed Bills The package, led by Committee Chairman Jason Smith, aims to provide clarity on issues that have created confusion for taxpayers and tax professionals alike. One of the most anticipated elements is the treatment of mining and staking rewards, which currently lack clear guidance on when they become taxable income. The bills also propose exempting certain stablecoin transactions from capital gains taxes, a move that could encourage their use in everyday payments. Additionally, the legislation seeks to apply wash sale rules to digital assets, aligning them with the treatment of securities and preventing taxpayers from claiming artificial losses. Political and Procedural Context The committee has been working on this initiative with input from the Treasury Department and other stakeholders. Discussions are ongoing to secure bipartisan support ahead of a hearing scheduled for next Tuesday. The effort comes amid controversy surrounding the CLARITY Act, a separate piece of legislation that has drawn criticism from some lawmakers and industry groups. Chairman Smith has made establishing a clear tax framework a priority, emphasizing the need for regulatory certainty as digital assets become more integrated into the financial system. Why This Matters for Crypto Investors and Businesses For individual investors and cryptocurrency businesses, the lack of clear tax rules has been a persistent challenge. Without explicit guidance, taxpayers have had to rely on IRS notices and court rulings, which have sometimes been inconsistent. If passed, these bills would provide much-needed predictability, potentially reducing compliance costs and legal risks. The proposed exemption for stablecoin transactions could also lower barriers for merchants and consumers, making digital currencies more practical for everyday use. Conclusion The introduction of these seven bills represents a pivotal moment in the ongoing effort to integrate digital assets into the U.S. tax code. While the legislative path remains uncertain, the committee’s willingness to address complex issues like mining rewards and wash sale rules signals a growing recognition that cryptocurrency is here to stay. The upcoming hearing will be closely watched by industry participants and policymakers alike. FAQs Q1: What is the CLARITY Act, and why is it controversial? The CLARITY Act is a separate piece of legislation that seeks to clarify the tax treatment of digital assets. It has drawn criticism from some lawmakers who argue it could create loopholes or favor certain industry players. The new package of bills may incorporate or replace elements of the CLARITY Act. Q2: How would wash sale rules apply to cryptocurrencies? Currently, wash sale rules—which prevent taxpayers from claiming a loss on a security if they repurchase it within 30 days—do not apply to cryptocurrencies. The proposed legislation would extend these rules to digital assets, closing a tax avoidance strategy that some investors have used. Q3: When would these tax changes take effect if passed? The effective date would depend on the final language of each bill. Some provisions could take effect immediately upon enactment, while others might be delayed to give taxpayers and the IRS time to prepare. The hearing next Tuesday may provide more clarity on the proposed timeline. This post US House Committee to Unveil Sweeping Crypto Tax Legislation This Week first appeared on BitcoinWorld .

5 Jun 2026, 00:45

Major US Banks Plan Deposit Token Network by 2027 to Counter Stablecoin Growth

BitcoinWorld Major US Banks Plan Deposit Token Network by 2027 to Counter Stablecoin Growth Four of the largest U.S. banks — JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo — are jointly developing a deposit token network designed for real-time payments, with a target launch in the first half of 2027. The initiative, first reported by The Wall Street Journal, represents a coordinated response by traditional finance to the expanding influence of crypto companies and stablecoins. What is a Deposit Token Network? The proposed network will be operated by The Clearing House, a payments infrastructure company owned by the largest commercial banks. Deposit tokens are essentially regulated bank deposits recorded on a blockchain, enabling near-instant settlement while keeping funds within the existing banking framework. Unlike stablecoins, which are typically issued by non-bank entities and backed by reserves held elsewhere, deposit tokens remain on the bank’s balance sheet and are subject to existing regulatory oversight. This distinction is critical. Banks favor deposit tokens because they preserve their current credit risk models and compliance structures. The tokens would be fully insured by the Federal Deposit Insurance Corporation (FDIC), offering depositors the same protections they have with traditional accounts. Why Banks Are Moving Now The push comes as stablecoins — digital tokens pegged to fiat currencies like the U.S. dollar — have seen rapid adoption for cross-border payments, remittances, and decentralized finance. Tether (USDT) and USD Coin (USDC) alone represent a combined market capitalization exceeding $150 billion, with transaction volumes rivaling major payment networks. Banks have watched this growth with concern. Stablecoins bypass traditional settlement systems, reducing fee revenue and weakening banks’ role as intermediaries. A deposit token network would allow banks to offer similar speed and programmability while keeping transactions within the regulated financial system. “The banks are not trying to copy crypto — they are trying to absorb its best features into the existing infrastructure,” said a payments industry analyst familiar with the discussions. “Deposit tokens give them the efficiency of blockchain without giving up control or regulatory clarity.” Potential for Future Stablecoin Issuance The report also noted that banks may eventually issue their own stablecoins if market demand justifies it. However, several banking executives have expressed skepticism about stablecoins’ utility beyond cross-border payments, questioning whether they offer meaningful advantages over deposit tokens for domestic transactions. Regulatory clarity remains a key variable. The Office of the Comptroller of the Currency (OCC) has previously issued guidance allowing banks to use blockchain for payments, but a comprehensive federal framework for stablecoins and deposit tokens has yet to pass Congress. The outcome of ongoing legislative efforts could accelerate or delay the network’s rollout. What This Means for Consumers and Businesses If the network launches as planned, businesses and eventually consumers could see faster settlement times for payments, reduced costs for cross-border transfers, and new programmable payment features — all within their existing bank accounts. The system would likely integrate with The Clearing House’s existing Real-Time Payments (RTP) network, which already processes instant payments for participating banks. For crypto companies, the development signals that traditional finance is preparing to compete directly on speed and functionality, rather than ceding ground to digital-native alternatives. It also raises questions about interoperability between bank-issued deposit tokens and public blockchain networks. Conclusion The planned deposit token network by JPMorgan, Bank of America, Citigroup, and Wells Fargo marks a significant strategic shift in how major banks approach blockchain technology. Rather than resisting crypto adoption, they are building regulated alternatives that retain the benefits of real-time settlement and programmability. The success of the initiative will depend on technological execution, regulatory developments, and whether consumers and businesses find deposit tokens more useful than existing stablecoins. The 2027 target gives the industry time to address these challenges — but the direction is now clear. FAQs Q1: How is a deposit token different from a stablecoin? A deposit token is a digital representation of a bank deposit recorded on a blockchain, fully regulated and FDIC-insured. A stablecoin is typically issued by a private company, backed by reserves held at banks or in treasuries, and is not directly insured by the FDIC. Deposit tokens remain on the issuing bank’s balance sheet, while stablecoins are liabilities of the issuer. Q2: Will consumers be able to use deposit tokens directly? Initially, the network is expected to focus on institutional and business-to-business payments. Consumer-facing applications would likely follow once the infrastructure is proven and regulatory approvals are secured. The system is designed to integrate with existing banking apps and payment interfaces. Q3: What role does The Clearing House play in this network? The Clearing House, which is owned by the largest U.S. banks, will operate the deposit token network. It already runs the Real-Time Payments (RTP) system used by many banks for instant settlements. The new network would extend that capability by adding blockchain-based tokenization while maintaining the same regulatory and operational standards. This post Major US Banks Plan Deposit Token Network by 2027 to Counter Stablecoin Growth first appeared on BitcoinWorld .

5 Jun 2026, 00:42

Bitcoin HODLer Pain Surpasses FTX Crash Levels As BTC Drawdown Deepens

On-chain data shows the Bitcoin long-term holders are now holding more underwater supply than even the lowest point of the 2022 bear market. Bitcoin Long-Term Holders In Deepest Pain Since COVID Crash As highlighted by Glassnode lead research analyst CryptoVizArt in an X post , the Bitcoin long-term holders have seen a spike in loss supply following the latest price crash. “ Long-term holders ” (LTHs) refer to the BTC investors who have been holding onto their coins for a period longer than 155 days. These holders make up for one of the two main divisions of the network done on the basis of holding time. The other side, containing investors who purchased within the past five months, is known as the short-term holders (STHs). Statistically, the longer investors keep their coins dormant, the less likely they become to sell them in the future. As such, LTHs with their relatively long holding time are considered to include the resolute hands of the market. Currently, the 155-day cutoff for the LTH group puts their buying point before January. BTC traded above the latest spot price throughout 2024, so a notable amount of the cohort’s members would be underwater right now. Below is the chart shared by CryptoVizArt that shows the exact amount of supply that’s being held in loss by the Bitcoin LTHs. As is visible in the graph, the amount of Bitcoin LTH supply being held at some net unrealized loss rose as the cryptocurrency’s price observed a bearish shift in Q4 2025. Another particularly sharp surge in the metric came this year alongside the February price crash, which took its value near the highs from the 2022 bear market. Now, the latest price crash has induced further expansion in the indicator, with LTHs carrying 5.3 million BTC at a loss. From the chart, it’s apparent that this level is higher than the peak registered at the lows that followed the FTX crash . In fact, this value is higher than other bear markets as well. The only period that saw the loss supply of the LTHs exceed this level was the crash caused by COVID-19 in March 2020. In the past, extreme readings in the metric have usually coincided with market lows and reversals in its value have led into a change of trend. “The scale of underwater LTH supply suggests the resolution process is still in progress,” noted the analyst. It now remains to be seen whether the Bitcoin LTH loss will reach even higher heights in this cycle or if a turnaround will follow next. BTC Price At the time of writing, Bitcoin is trading around $64,000, down more than 13% over the past week.

5 Jun 2026, 00:40

Dormant Ethereum Whale Awakens, Sells $17.7 Million in ETH After Three Years

BitcoinWorld Dormant Ethereum Whale Awakens, Sells $17.7 Million in ETH After Three Years A cryptocurrency wallet that had remained inactive for three years has suddenly sprung to life, selling 10,000 Ethereum (ETH) valued at approximately $17.72 million. The transaction, identified by on-chain analytics platform Onchain Lens, involved an address beginning with 0x293. Details of the Whale Transaction The dormant address executed the large sell order in a single move, transferring the entire 10,000 ETH balance. At the time of the sale, Ethereum was trading near $1,772 per coin. The wallet had accumulated the ETH prior to its period of inactivity, which began in early 2021, a time when Ethereum prices were significantly lower. This suggests the whale realized a substantial profit, though the exact purchase price is not publicly verifiable. Market Context and Implications Large transactions from long-dormant wallets, often referred to as ‘whale movements,’ are closely monitored by traders and analysts for potential market impact. While a single $17.7 million sale is significant, it represents a fraction of Ethereum’s daily trading volume, which often exceeds $10 billion. However, such moves can signal a shift in sentiment among large holders. Why This Matters to Investors The reactivation of a dormant whale wallet can indicate several things: the original owner may have regained access to the wallet, they may be taking profits after a long hold, or they could be repositioning assets. For everyday investors, these movements provide a data point for gauging large-scale market behavior, though they should not be interpreted as a definitive market signal. Conclusion The sale of 10,000 ETH by a three-year-dormant whale address is a notable on-chain event, highlighting the ongoing activity of large holders in the cryptocurrency market. While the immediate price impact appears limited, the transaction adds to the broader narrative of profit-taking and wallet reactivation observed in the current market cycle. FAQs Q1: What is a ‘whale’ in cryptocurrency? A whale is an individual or entity that holds a large amount of a cryptocurrency, enough to potentially influence market prices through their trades. Q2: How do analysts track dormant wallet activity? Analysts use blockchain explorers and on-chain analytics platforms like Onchain Lens, Whale Alert, and Glassnode to monitor wallet addresses for transactions, especially those that have been inactive for extended periods. Q3: Does a single whale sale always cause a price drop? Not necessarily. The market impact depends on the size of the sale relative to the trading volume, the liquidity available on exchanges, and the overall market sentiment. A single sale of $17.7 million is unlikely to cause a major price swing in a highly liquid market like Ethereum. This post Dormant Ethereum Whale Awakens, Sells $17.7 Million in ETH After Three Years first appeared on BitcoinWorld .