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6 Jun 2026, 23:43

Gold price drops 18 percent from 2024 peak

🟡 Gold plunges 18 percent from its January 2024 high. 💼 A robust US jobs report dims hopes of Fed rate cuts and pressures safe-haven demand in $XAU. 📉 Buyers in China, India, and Pakistan are pulling back as markets now await US inflation data for the next move. Continue Reading: Gold price drops 18 percent from 2024 peak The post Gold price drops 18 percent from 2024 peak appeared first on COINTURK NEWS .

6 Jun 2026, 18:06

Friday’s Market Meltdown: What Sent Bitcoin, Gold, and Wall Street Tumbling?

Friday was a brutal day for essentially all financial markets, even though the only notable news that went live was positive, as the US saw the strongest jobs report in a year and a half. The analysts at the Kobeissi Letter tried to simplify what transpired and explain why markets reacted in such a painful manner. What Exactly Happened? If you are reading this, you are probably aware of what took place in the crypto markets. Bitcoin plunged to $59,100 for the first time since November 2024, dragging the entire altcoin field with it and triggering over $1.7 billion in liquidations at one point. But, the crash was not just in crypto. Gold, traditionally regarded as a safe-haven tool known for its stability, dumped by over 4% in a day from more than $4,500 to $4,315. Wall Street experienced a similar decline, with the S&P 500 erasing $2 trillion from its market cap in a single trading session. The Nasdaq 100 printed seven consecutive hourly red candles during the day in what became its worst drop since Trump’s so-called “Liberation Day” from over a year ago. And most of those losses took place after the US jobs report went live, which was highly promising – the strongest in 18 months. This financial crash, then, appears puzzling, and even the POTUS himself seemed confused by this situation. US President Trump on Truth Social So Why Down Then? However, such good news does not appear to be beneficial to BTC and other risk-on assets, according to some analysts. “Strong jobs data kills the rate cut narrative. Bitcoin, already down 15% and sitting on uncleared leveraged longs, has no macro catalyst to recover into, and Middle East tensions are keeping risk appetite soft across markets,” told us the analysts from Nansen. Their colleagues at the Kobeissi Letter concurred, indicating that when the Fed made its first rate cuts of 2025, it was “specifically because of labor market weakness,” not because the inflation had reached or even neared the 2% target. With inflation skyrocketing again due to the war against Iran, the bond market has held on to “hopes of rate cuts for some time because of the “weak” labor market.” The jobs report from Friday, though, has “flipped that sentiment, and the weakness of the labor market is being questioned.” Additionally, the report showed that job openings rose by over 730,000 positions in April, while experts anticipated no change. Available employment jumped to 7.6 million for the month, the highest in two years. The result of all of the above means that markets have seen the “most hawkish shift in Fed expectations since post-pandemic stimulus.” Experts now believe there will be rate hikes by early 2026, while the overall expectations until months ago suggested up to 4 cuts. Adding even more fuel to the fire is the drawdown in crypto, with Bitcoin now down -53% since October. In fact, Bitcoin is down 20% this week ALONE, with crypto erasing ~$2.5 trillion since October 2025. The bear market gained momentum this week and crushed risk appetite. pic.twitter.com/48WL0tsjqv — The Kobeissi Letter (@KobeissiLetter) June 5, 2026 Separately, reports claimed recently that Meta is considering raising “tens of billions of dollars” through a stock offering to fund AI development, similar to Google’s $85 billion raise. Such moves increase investor concerns as big tech could start flooding the market with equity raises to fund AI growth. SpaceX’s IPO, scheduled for June 12, could also be among the culprits, as “funds are likely selling to make room” for this major event. “Sum it all up, and the market, which was up 20%+ in 2 months, was overdue for today’s decline,” concluded the analysts. The post Friday’s Market Meltdown: What Sent Bitcoin, Gold, and Wall Street Tumbling? appeared first on CryptoPotato .

6 Jun 2026, 15:00

Bitcoin Reserves Resuscitation, Iran War Falls Into The Background, But What’s Going On With BTC?

Bitcoin has fallen to new lows in this bear cycle , dropping below the psychological $60,000 level. This comes amid the U.S.-Iran war, which has remained muted for a while. At the same time, U.S. Treasury Scott Bessent provided an update on the Strategic BTC Reserve. Price Falls Amid Developments With Bitcoin Reserves BTC has fallen to its lowest level since it topped in October 2025, dropping to around $59,000 yesterday, taking out the February low of $60,000. This also marks the lowest point since the U.S.-Iran war began towards the end of February. This crash for BTC has come amid the Strategy’s sale from its BTC Reserve, with the company selling 32 BTC. This marked the first time Strategy had sold BTC from its Bitcoin Reserve since 2022, when it sold for tax-loss harvesting. Notably, Bitcoin was trading at above $71,000 prior to Strategy’s filing, which revealed the sale. Since then, the leading crypto has been on a decline, down over 17% this week. However, Michael Saylor has indicated that the BTC decline isn’t due to the sale from their BTC reserve but rather the flow of liquidity from crypto towards building AI infrastructure. He also noted that Bitcoin ETFs have seen $4 billion in outflows since mid-May, thereby putting pressure on the BTC price. It is worth noting that the U.S.-Iran war has receded into the background during this period, with BTC largely unaffected by recent developments. Earlier this week, U.S. President Donald Trump revealed that talks between the U.S. and Iran were still ongoing, despite reports that negotiations had paused. However, BTC remained largely unchanged and continued its decline, falling below $70,000. Scott Bessent Gives Update On U.S. BTC Reserve Speaking during a hearing before the Senate Finance Committee, US Treasury Secretary Scott Bessent said that the plans to create a Strategic Bitcoin Reserve were moving with deliberate speed. However, he noted that BTC is a new technology, and so creating the reserve hasn’t been straightforward. Last year, President Trump signed an executive order establishing a Strategic Bitcoin Reserve. The U.S. Treasury is tasked with setting up this initiative and mapping out budget-neutral ways to accumulate more BTC. The executive order stated that seized BTC should be used to set up this reserve, with the U.S. currently holding 328,372 BTC, according to BitcoinTreasuries data . Meanwhile, U.S. lawmakers are currently working on ways to codify the Strategic Bitcoin Reserve executive order. U.S. Rep. Nick Begich recently unveiled the ‘American Reserve Modernization Act,’ which establishes a BTC Reserve and mandates that the U.S. Treasury explore budget-neutral ways to accumulate more BTC. At the time of writing, the Bitcoin price is trading at around $60,000, down over 5% in the last 24 hours, according to data from CoinMarketCap.

6 Jun 2026, 14:38

OG Bitcoin Holder Wakes Up, Redeems Casascius Coin For 25 BTC After 15 Years

As bitcoin (BTC) continues to weather the storms of the bear market, the asset’s OG holders are waking up. A few days ago, an anonymous holder redeemed a physical bitcoin 15 years after it was created, receiving 25 BTC from the redemption. According to a tweet from Galaxy Research, the physical coin redeemed is an S1-COIN-25, part of the Casascius coins created between 2011 and 2013. The redemption netted over $1.78 million in bitcoin, calculated at current prices. OG Holder Redeems 25 BTC A Casascius coin is a physical token created by the early Bitcoin adopter and software engineer Mike Caldwell. The tokens were created with denominations of 0.5, 1, 5, 10, 25, 100, and 1,000 BTC, meaning they held real digital bitcoins. With receiving bitcoin addresses printed on the outside, each coin has a tamper-evident hologram concealing the matching private key at the back. Caldwell created brass, fine silver, gold-plated coins, and gold-plated bars, with their sizes ranging from 25.4 mm to 30 mm in diameter. The bars would weigh about 12 ounces if they were solid gold, but since they are metal alloys with gold plating, they weigh 4.2 ounces instead. They were all available as pre-loaded BTC coins and bars and are currently available on secondary markets like eBay, even though Caldwell stopped production in 2013 because he was operating as a money transmitter without a license. To redeem the coins, one has to peel the hologram at the back of the token to retrieve the private keys. The coin’s balance can be verified on platforms like Block Explorer by inputting the eight-character code seen on the outside of the coin. From Conversation Pieces to Storage Vessels Over the last 15 years, Casascius coin holders have redeemed their tokens for BTC, netting millions of dollars in profits. Some of the coins were worth less than $100 dollars at creation, but bitcoin’s rally over the years has increased their value significantly. These coins were created as conversation pieces to help talk to people about BTC; however, they ended up as forms of storing the asset long after their production. The Casascius coin that was redeemed within the week was created in December 2011 alongside thousands of other coins. In fact, data from the Casascius tracker shows that there are 27,916 coins and bars in existence, 10,479 of those having been opened. The collective value of the coins and bars created now stands above $6.2 billion, given bitcoin’s latest price. Meanwhile, the latest redemption comes as other OG holders wake up to move long-dormant assets. The post OG Bitcoin Holder Wakes Up, Redeems Casascius Coin For 25 BTC After 15 Years appeared first on CryptoPotato .

6 Jun 2026, 14:00

Banks, insurers among gainers; card & payments, crypto stocks in losers: week's financials wrap

More on Financials Single Stock Volatility Jumps To A Record Vs. The VIX Index The Next Rotation (The Value Call Is Wrong) Big Bank Earnings: Resilience And Concern Most, and least shorted financial stocks above $2B market cap in May Most and least shorted financial stocks with market caps up to $2B in May

6 Jun 2026, 13:35

Michael Saylor: Bitcoin Remains the Superior Long-Term Asset Amid AI-Driven Market Shifts

BitcoinWorld Michael Saylor: Bitcoin Remains the Superior Long-Term Asset Amid AI-Driven Market Shifts MicroStrategy co-founder and executive chairman Michael Saylor has reiterated his conviction that Bitcoin remains the superior asset for long-term investors, even as global capital flows are being reshaped by the rapid expansion of artificial intelligence infrastructure. In a post on X, Saylor acknowledged that the construction of AI infrastructure is absorbing capital on a historic scale, creating temporary pressure across global markets. However, he argued that this trend does not weaken Bitcoin’s position but instead reinforces the need for scarce, liquid digital capital. Saylor’s Argument in Context Saylor’s comments come at a time when major technology companies and governments are pouring unprecedented sums into AI data centers, chips, and energy infrastructure. This capital absorption has contributed to tighter liquidity conditions in traditional markets, with some analysts drawing parallels to the macroeconomic effects of large-scale industrial mobilization. Saylor, however, views this as a validation of Bitcoin’s core value proposition. He contends that in an environment where vast amounts of capital are being deployed into long-duration, capital-intensive projects, the scarcity and portability of Bitcoin become increasingly attractive. MicroStrategy’s Continued Bitcoin Strategy MicroStrategy, under Saylor’s leadership, has accumulated approximately 214,400 Bitcoin as of early 2025, making it the largest corporate holder of the cryptocurrency. The company has consistently used debt and equity offerings to fund its Bitcoin purchases, a strategy that has drawn both praise and criticism. Saylor’s latest statement reinforces the company’s long-term thesis: that Bitcoin is a digital store of value superior to traditional assets like gold, real estate, or bonds, particularly in an era of monetary expansion and technological disruption. Implications for Investors For retail and institutional investors, Saylor’s perspective offers a counter-narrative to concerns that AI investment is crowding out other asset classes. Rather than viewing AI-driven capital flows as a threat to Bitcoin, Saylor frames them as a catalyst that highlights the unique properties of digital capital. This view aligns with a growing segment of the investment community that sees Bitcoin as a hedge against both inflation and the concentration of capital in large-scale infrastructure projects. Broader Market Dynamics The intersection of AI infrastructure spending and cryptocurrency markets is a developing story. Some analysts note that while AI investment may temporarily divert capital from risk-on assets like Bitcoin, the long-term demand for decentralized, programmable money could benefit from the same technological trends driving AI adoption. Saylor’s comments add a prominent voice to this debate, reinforcing the idea that Bitcoin’s role as a non-sovereign store of value is complementary to, rather than competitive with, the AI revolution. Conclusion Michael Saylor’s latest statement on X underscores his unwavering belief in Bitcoin as the premier long-term asset, even as global capital markets adjust to the massive scale of AI infrastructure investment. While the short-term effects of this capital absorption may create volatility, Saylor argues that the fundamental case for Bitcoin—scarcity, liquidity, and decentralization—remains intact and is, in fact, strengthened by the current environment. Investors watching the intersection of AI and digital assets will find Saylor’s perspective a key data point in understanding the evolving landscape. FAQs Q1: What did Michael Saylor say about Bitcoin and AI infrastructure? Saylor stated that AI infrastructure construction is absorbing capital on a historic scale, creating temporary market pressure, but that this reinforces Bitcoin’s value as scarce, liquid digital capital, making it the superior long-term asset. Q2: How much Bitcoin does MicroStrategy hold? As of early 2025, MicroStrategy holds approximately 214,400 Bitcoin, making it the largest corporate holder of the cryptocurrency. Q3: Why does Saylor believe AI investment benefits Bitcoin? Saylor argues that large-scale capital deployment into AI infrastructure highlights the need for assets that are scarce, portable, and independent of traditional financial systems, which is exactly what Bitcoin offers. This post Michael Saylor: Bitcoin Remains the Superior Long-Term Asset Amid AI-Driven Market Shifts first appeared on BitcoinWorld .