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3 Jun 2026, 22:31
SpaceX targets record $75 billion IPO as bitcoin treasury and liquidity risks draw focus
SpaceX's proposed $75 billion IPO would rank among the largest ever, while its $1.29 billion bitcoin holding and the broader wave of megacap listings could reshape capital flows across crypto and technology markets.
3 Jun 2026, 22:00
‘Coldest Crypto Winter Ever’: Bloomberg’s Weisenthal Lists 12 Reasons
Bloomberg’s Joe Weisenthal has revived and expanded his argument that crypto is stuck in what he calls the “coldest crypto winter ever,” pointing to a 12-part case that goes beyond price action and into market psychology, capital rotation, regulation, AI and quantum computing. Writing in his Odd Lots newsletter and sharing the piece on X, Weisenthal said he had previously laid out 10 reasons in February for why the current downturn felt unusually punishing. “Well everything I cited then still holds,” he wrote, adding that two more factors have since made the backdrop look even worse. Crypto’s Problem Is No Longer Just Crypto The core of Weisenthal’s argument is that crypto’s weakness is taking place at a time when other speculative corners of the market are doing exceptionally well. That contrast matters. A bear market is one thing when risk assets are broadly under pressure; it is another when investors are watching adjacent trades explode higher. Related Reading: Crypto In 401(k)s: Senators Sanders, Warren Letter Warns $14 Trillion At Risk From DOL Proposal One chart cited in the newsletter showed the Goldman Sachs non-profitable tech basket climbing sharply again, with Kevin Gordon, head of macro research and strategy at the Schwab Center for Financial Research, noting that the basket is “mooning again” in a way that resembles the 2021 boom. Another chart highlighted the Goldman Sachs US quantum computing basket, which has also moved materially higher after a dramatic rally. For Weisenthal, that makes crypto’s malaise more painful. “First, other people are making SO MUCH MONEY,” he wrote, pointing to listed Nasdaq names and other equities that have surged in recent months. He specifically cited SK Hynix as up more than 250% year to date and Micron as up more than 260%, arguing that such gains intensify the feeling that crypto participants are missing the market’s main action. He framed the mood with a reference to a famous New York Times headline: “Everyone Is Getting Hilariously Rich and You’re Not.” The Original 10-Point Case Weisenthal’s February argument, as summarized in the newsletter, was that the drawdown is occurring during rising anxiety about the dollar, removing one of crypto’s traditional macro narratives. He also argued that crypto can no longer plausibly rely on the idea that it is “so early,” while “crypto twitter is dead” and institutional adoption has already happened, reducing the expectation of a future adoption wave. The regulatory backdrop, in his view, is also no longer an obvious future tailwind. He wrote that the environment is already “about as favorable as it gets,” implying that market participants may have less room to price in a major policy-driven reprieve. Related Reading: $12.6 Trillion Schwab Targets Mid-2027 Crypto Trading Rollout For Advisors Another factor is competition for attention and resources from artificial intelligence. Weisenthal said the AI boom is crowding out access to electricity, which matters directly for miners, while also taking “all the mental market share.” In his framing, crypto no longer looks like the obvious frontier trade for technology-minded investors. The list also included darker reputational and structural concerns. Weisenthal wrote that crypto is “Epstein-adjacent,” citing its appearance in the Epstein files, and pointed to growing anxiety over quantum computing and its potential implications for Bitcoin’s security model. He also singled out digital asset treasury companies, including Strategy, arguing that firms which had previously accumulated Bitcoin are now becoming sellers rather than buyers. He noted that Strategy had said it sold 32 bitcoins, a symbolic reversal for a company long associated with corporate Bitcoin accumulation. FOMO Without Crypto The two new points deepen the same theme: crypto is not merely down; it is being left out. Weisenthal wrote that, a month earlier, he might have said individual stocks were simply running hard without a broader speculative mania. Now, he said, the market is looking “more and more like some real FOMO everything rally.” That is the sharper claim. If AI, quantum computing and speculative tech are rallying while crypto remains frozen, then crypto’s problem is not just liquidity, regulation or price momentum. It is relevance. For a sector built partly on being the highest-beta expression of technological change and monetary skepticism, losing the attention trade may be the most uncomfortable winter signal of all. At press time, the total crypto market cap stood at $2.3 trillion. Featured image created with DALL.E, chart from TradingView.com
3 Jun 2026, 21:53
US Treasury Secretary signals progress on Bitcoin reserve, CLARITY Act
Scott Bessent said that the Treasury Department was “proceeding with all deliberate speed” on Donald Trump’s 2025 executive order to establish a strategic Bitcoin reserve and digital asset stockpile.
3 Jun 2026, 21:41
US Sanctions Iran’s Largest Crypto Exchange Nobitex in Major ‘Economic Fury’ Crackdown
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Nobitex, Iran’s largest digital asset exchange, along with three other Iranian crypto exchanges. The move is part of the Donald Trump administration’s Economic Fury campaign aimed at increasing economic pressure on Tehran. The Treasury’s sanctions apply to Nobitex, Wallex, Bitpin, and Ramzinex. US officials allege that these exchanges helped users bypass sanctions, facilitated financial activity connected to Iran, and processed transactions linked to the Islamic Revolutionary Guard Corps (IRGC). Terror Finance and Sanctions Evasion Risks In an official statement this week, Treasury Secretary Scott Bessent claimed that Iran has increasingly used digital asset technologies to advance its “corrupt agenda,” including circumventing sanctions and transferring wealth outside the country. He added that Treasury would continue tracking financial activity through both traditional banking channels and digital assets as part of the administration’s broader effort to prevent Iran from developing a nuclear weapon. According to Treasury, Nobitex processed more than 50% of all Iranian digital asset inflows in 2025 and played a central role in the country’s crypto ecosystem. The agency alleged that the exchange facilitated payments linked to Iran’s terrorist activities, sanctions evasion efforts, and IRGC-related transactions, including activity involving IRGC-affiliated ransomware actors. Treasury also accused Nobitex of helping the Central Bank of Iran access hundreds of millions of dollars in stablecoins used to support the Iranian rial and enabling regime insiders to access international crypto exchanges across multiple jurisdictions. Treasury said Nobitex helped protect and move assets out of the country despite internet blackouts from the very start of the war. In addition to sanctioning the exchange, OFAC designated Amir Hossein Rad, Nobitex’s chairman, co-founder, and former CEO, along with several other company leaders and officials. According to their findings, Rad helped restore Nobitex’s operations after the platform suffered a $90 million hack in June 2025. The agency also sanctioned Nobitex co-founders Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, both members of the Kharrazi family, which Treasury described as part of Supreme Leader Mojtaba Khamenei’s inner circle. Current Nobitex CEO Seyed Ali Khoee was also designated. Wallex, Bitpin, and Ramzinex Also Targeted Meanwhile, Wallex, identified as Iran’s second-largest digital asset exchange by volume, was said to have received 12% of Iranian digital asset inflows in 2025 and allegedly facilitated transactions linked to the IRGC. Bitpin accounted for 10% of Iranian digital asset inflows in 2025 and processed millions of dollars in transactions, including transfers allegedly connected to the IRGC, while some of its investors have reportedly been linked to efforts to evade US sanctions. Ramzinex, a Tehran-based exchange founded in 2018, has processed more than $2.45 billion in transactions and allegedly facilitated transactions linked to the IRGC and an Iranian government-backed financial institution. The post US Sanctions Iran’s Largest Crypto Exchange Nobitex in Major ‘Economic Fury’ Crackdown appeared first on CryptoPotato .
3 Jun 2026, 20:50
US Dollar Holds Steady as Markets Brace for Nonfarm Payrolls Report
BitcoinWorld US Dollar Holds Steady as Markets Brace for Nonfarm Payrolls Report The US Dollar maintained its recent strength on Wednesday, holding near multi-week highs against major peers as currency markets shifted focus squarely to the upcoming Nonfarm Payrolls (NFP) report. The greenback’s resilience comes amid a backdrop of cautious Federal Reserve commentary and mixed economic data, leaving traders in a wait-and-see mode ahead of the critical labor market release. Dollar Index Remains Elevated Ahead of NFP The US Dollar Index (DXY) traded steadily above the 105.00 mark, consolidating gains from the previous session. The index has been supported by a combination of factors, including expectations that the Fed will maintain a higher-for-longer interest rate stance and a recent uptick in US Treasury yields. The 10-year Treasury yield hovered near 4.60%, providing additional support for the dollar. Market participants are now pricing in a roughly 60% probability of a 25-basis-point rate cut at the Fed’s September meeting, down from over 70% a week ago. This shift in expectations has been driven by stronger-than-expected consumer spending data and persistent inflation readings, which have dampened hopes for aggressive easing. NFP Expectations and Market Implications Economists surveyed by Bloomberg expect the US economy to have added 190,000 jobs in May, down from 175,000 in April. The unemployment rate is forecast to hold steady at 3.9%, while average hourly earnings are projected to rise 0.3% month-over-month, keeping the annual pace at 3.9%. A stronger-than-expected NFP reading could reinforce the ‘higher-for-longer’ narrative, potentially pushing the dollar higher and weighing on risk-sensitive currencies. Conversely, a weak report would likely revive expectations of a September rate cut, potentially triggering a dollar pullback. Key Levels to Watch For EUR/USD, the pair remains under pressure near the 1.0800 level, with support at 1.0750 and resistance at 1.0850. A break below 1.0750 could open the door toward 1.0700. GBP/USD is trading around 1.2700, with the 1.2650 level acting as key support. A decisive move above 1.2750 would be needed to signal a near-term bottom. Against the Japanese yen, the dollar is testing the 157.00 area, with traders wary of potential intervention from Japanese authorities. The Bank of Japan’s recent policy stance has kept the yen under pressure, but any sharp moves above 158.00 could trigger verbal warnings or actual intervention. Why This Matters for Forex Traders The NFP report is the most closely watched monthly economic indicator in the forex market, as it provides the clearest signal of labor market health and, by extension, the trajectory of Fed policy. For traders, the report offers both opportunity and risk, as the immediate volatility around the release can create significant price swings across major currency pairs. Beyond the headline number, revisions to prior months’ data and the composition of job gains will be closely scrutinized. A slowdown in sectors like leisure and hospitality or construction could signal broader economic softening, while strong gains in high-wage industries might add to inflation concerns. Conclusion The US Dollar’s current strength reflects a market that is pricing in a more cautious Fed outlook. The NFP report will be the next major test of this narrative. A strong jobs number could extend the dollar’s rally, while a miss might provide temporary relief for currencies like the euro and sterling. Traders should prepare for heightened volatility and ensure risk management measures are in place. FAQs Q1: What is the Nonfarm Payrolls report and why does it matter? The Nonfarm Payrolls (NFP) report is a monthly US economic indicator released by the Bureau of Labor Statistics. It measures the change in the number of employed people, excluding farm workers and a few other categories. It is the most important labor market report for forex traders because it directly influences Federal Reserve interest rate decisions and causes significant market volatility. Q2: How does the NFP affect the US Dollar? A stronger-than-expected NFP reading (more jobs added than forecast) typically strengthens the US Dollar, as it suggests a robust economy and reduces the likelihood of rate cuts. A weaker reading usually weakens the Dollar, as it increases expectations of monetary easing. The impact can be amplified by revisions to prior months’ data. Q3: What other data should traders watch alongside NFP? Traders should also monitor the unemployment rate, average hourly earnings (a measure of wage inflation), and the labor force participation rate. Revisions to the previous two months’ NFP data are equally important, as they can alter the overall labor market picture. Additionally, the ISM Manufacturing and Services PMI reports provide context on broader economic activity. This post US Dollar Holds Steady as Markets Brace for Nonfarm Payrolls Report first appeared on BitcoinWorld .
3 Jun 2026, 19:30
Adam Iza, self-proclaimed crypto 'Godfather,' pleads guilty in $245 million Bitcoin kidnapping plot
Adam Iza, a 25-year-old California cryptocurrency businessman known as “The Godfather,” pleaded guilty on Monday, June 1, to orchestrating an attempted kidnapping of a Connecticut couple. Apparently, the son of the couple had stolen 4,100 Bitcoin worth roughly $245 million, leading to the kidnapping. According to the U.S. Attorney’s Office for the District of Connecticut, federal prosecutors are asking for at least 14 years in prison when Iza is sentenced on August 12. From nightclub beef to violent abduction The story starts with a fight at a Miami nightclub in mid-2024 between Veer Chetal and James Schwab, an alleged co-conspirator of Adam Iza. Weeks after the incident, Chetal and two others pulled off an elaborate social engineering scheme, pretending to be Google and crypto exchange tech support and siphoning 4,100 Bitcoins from a Washington, D.C., resident, according to court documents. Prosecutors also shared that Chetal and his accomplices blew the stolen funds on a lavish lifestyle, including luxury cars, jewelry, rented mansions, and expensive nights out at nightclubs before their eventual arrest. While Chetal pleaded guilty to his involvement last November, his two co-defendants have maintained their innocence and pleaded not guilty. Adam Iza and James Schwab allegedly identified an opportunity to profit from the situation by plotting to kidnap Veer Chetal’s parents. According to the FBI, citing information from informants, the pair intended to use the parents as leverage to force the group to hand over part of the stolen Bitcoin. The Danbury abduction fell apart fast On August 25, 2024, the group recruited six men who executed a violent kidnapping. According to the court records, the attackers staged a collision by rear-ending Sushil and Radhika Chetal’s Lamborghini SUV near Danbury High School in Connecticut and using a white van to block their path. The victims were then removed from their vehicle, and Sushil Chetal was beaten with a baseball bat, after which both parents were bound with duct tape and taken away. The crime was reported immediately after multiple witnesses called the police, and an off-duty FBI agent who also happened to be nearby assisted. Law enforcement located the van within minutes and chased it until the vehicle crashed. Four men fled on foot and were arrested, while the remaining two were found at a nearby rental home. According to the Associated Press, all six Floridian men have pleaded guilty. Two received 11-year sentences, and the others await sentencing. Iza pleaded guilty on Monday to conspiracy to interfere with commerce by robbery, which is a Hobbs Act offense carrying up to 20 years, according to the U.S. Attorney’s Office in Connecticut. Iza is not a first-time federal offender Before the Connecticut arrest, federal investigators in Los Angeles had been building a separate case against Iza. In January, he pleaded guilty in the Central District of California to wire fraud, conspiracy against rights, and tax evasion, according to the Department of Justice. Prosecutors in that case noticed a pattern of corruption, revealing that while Iza lived in a Bel Air mansion running a cryptocurrency trading firm named Zort, he spent approximately $100,000 monthly on private security. According to the Department of Justice, the security was provided by a firm founded by Eric Chase Saavedra, a deputy with the Los Angeles County Sheriff’s Department (LASD), who used active LASD deputies and other law enforcement officers as staff for Iza’s entourage. Apparently, Iza directed those off-duty deputies to intimidate, extort, and surveil people he had disputes with, according to the court filings. The deputies would then access law enforcement databases for personal information on Iza’s targets, obtain search warrants under false pretenses, and, in one instance, hold a victim at gunpoint inside Iza’s home to force a $25,000 bank transfer. According to the DOJ, Iza also admitted to stealing up to $37 million by fraudulently accessing Meta Platforms’ business manager accounts and their advertising credit lines between 2020 and 2022. As such, prosecutors in California are seeking a 35-year sentence. Two LASD deputies, David Rodriguez and Christopher Michael Cadman, also pleaded guilty in July 2025 for their roles in the scheme, according to Cryptopolitan . A growing pattern of crypto-based violence The case against Adam Iza reflects a broader trend of violent attacks directed at crypto holders and their families. Blockchain security firm CertiK reported that there were 34 verified “wrench attacks” (a term describing the use of physical force to steal digital assets) during the first four months of 2026. This is a 41% increase compared to the same period last year, with these incidents resulting in estimated losses totaling $101 million according to Cryptopolitan . These incidents are happening everywhere across the world. In the U.S., three Tennessee men were indicted in May for allegedly posing as delivery drivers to rob cryptocurrency holders in California, with one victim forced at gunpoint to transfer approximately $6.5 million. Additionally, earlier this year in Arizona, the 84-year-old mother of journalist Savannah Guthrie was kidnapped in an attempt to extort a $6 million Bitcoin ransom. In France, authorities indicted 88 suspects in late April for organized crypto kidnappings, including more than ten minors. At this rate, CertiK projects that there could be approximately 130 of these incidents by the end of the year. Meanwhile, Iza is scheduled for sentencing in the Connecticut case on August 12, though a date for his California sentencing has not yet been publicly announced. According to the Associated Press , his legal counsel in both cases declined to comment or did not respond to requests for comment. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
