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The three major U.S. stock indexes ended the session higher. The Nasdaq Composite on the 7th rose 2.18% from the previous day to 22,031.21 points. The Dow Jones Industrial Average gained 2.47% to 50,115.67, and the S&P 500 advanced 1.90% to close at 6,927.09.
US Treasury Secretary Scott Bessent moved to clarify President Donald Trump’s remarks about rate cuts and a strong-dollar policy. He said Trump’s comment about dismissing Kevin Warsh, the president’s pick for Fed chair, was made in jest. According to the breaking-news account Walter Bloomberg on the 6th (local time), Bessent said of Trump’s remark that “if rates aren’t cut, he could fire Warsh” that “it was a joke.” He sought to draw a line under controversy over political interference in the Fed’s policy decisions. While avoiding a detailed assessment of rate policy and the Fed’s role, Bessent laid out the administration’s stance on currency policy. “A strong-dollar policy is not simply about the level of the exchange rate,” he said. He added that a strong-dollar policy “means creating the environment and backdrop in which the dollar can remain strong,” emphasizing that “sound economic fundamentals and a credible policy mix are important.” The comments were seen as underscoring structural factors over short-term exchange-rate intervention. Markets have recently raised concerns that the Fed’s independence could be undermined amid Trump’s pressure for rate cuts and the possibility of changes to Fed personnel. Political controversy has continued in particular around Warsh as the next Fed chair nominee. Bessent’s remarks are viewed as both dialing down the president’s rhetoric and reaffirming the principle of separating dollar policy from monetary policy. Markets continue to watch the Fed appointment process and the administration’s currency-related comments.
An analysis has found that Bitcoin (BTC) and gold are assets that play different roles depending on the market cycle. The explanation is that in bull markets Bitcoin acts as a return-seeking vehicle, while in bear markets gold serves as a defensive tool with a different risk profile. According to Decrypt, a media outlet specializing in virtual assets (cryptocurrencies), on the 6th (local time) Bradley Duke, Head of Europe at Bitwise, attended the Digital Asset Forum in London and commented on the differing characteristics of Bitcoin and gold. He said it is not appropriate to interpret the two assets solely through the same “digital gold” framework. Duke explained, “When markets fall, gold acts as a buffer,” adding that “the greater the uncertainty, the more gold has functioned as a store of value.” He continued, “By contrast, when the market enters an uptrend, Bitcoin offers far greater upside potential.” He distinguished Bitcoin as an “aggressive asset” and gold as a “defensive asset.” Bitcoin offers strong return opportunities in growth and risk-on environments, whereas gold is an asset focused on mitigating downside risk during periods of economic uncertainty and heightened market volatility. He also emphasized that the two assets are not substitutes for one another, but rather perform different functions within a portfolio. From his perspective, Bitcoin can be used alongside gold—Bitcoin as a long-term growth asset and gold as a stabilizing asset positioned against macro risks. Duke said that even as volatility has recently increased simultaneously across crypto and precious-metals markets, investors need to approach these assets by differentiating their characteristics. He said, “One focuses on upside potential, while the other focuses on protection from downside risk driven by uncertainty.”
As the US Federal Reserve (Fed) considers introducing payment accounts that would allow crypto (virtual asset) and fintech firms to access the Fed’s payments network, a large number of related comment letters have been submitted. According to crypto-focused media outlet The Block on the 6th (local time), the Fed received about 30 formal comment letters regarding the proposal and closed the comment period at the end of that day. Payment accounts are a framework that would allow companies, rather than private financial institutions, to access the Fed’s payment system directly. This review is being conducted to determine whether to allow crypto and fintech companies to access central bank payment infrastructure. If payment accounts are introduced, those firms would be able to process transfers and payments through the Fed’s payment network without going through commercial banks. The Blockchain Payments Consortium (BPC), joined by major Layer 1 projects such as Sui (SUI) and Solana (SOL), expressed support for the move in its submitted comment letter. Calling it a “late but necessary step,” the BPC said that access to the central bank payment system is also an important element for implementing the stablecoin regulatory law GENIUS. Concerns were also reportedly raised during the comment process over financial stability, regulatory fairness, and risk-management measures. Some letters said the Fed should closely examine the impact that direct access by crypto firms could have on the existing financial system. Based on the submitted letters, the Fed plans to review whether to introduce payment accounts, as well as their scope of application and eligibility requirements. Observers say the outcome of this debate could affect the future US stablecoin regulatory framework and the direction of bringing crypto firms into the regulated system.
UK web developer Smarter Web Company has reaffirmed that it has no plans to sell its Bitcoin (BTC) holdings. Andrew Webley, CEO of Smarter Web Company, told Bloomberg in an interview on the 6th (local time) that he is firmly committed to holding, saying, "I’d rather sell my arm than sell Bitcoin." He also underscored his confidence in the company’s cash flow and financial position. "The business is being run soundly, and even our current cash flow alone is sufficient to cover various costs such as payroll and operating expenses," Webley said. He added, "There is absolutely no need to touch our Bitcoin holdings." Smarter Web Company is classified as one of the leading corporate accumulators of virtual assets (cryptocurrencies) in the UK. The company is known to currently hold 2,674 bitcoins, which are being managed as a core asset within its corporate treasury strategy. While Bitcoin’s price volatility has recently increased and some companies have continued to reduce or sell their holdings, Smarter Web Company is maintaining a long-term holding strategy. Webley has repeatedly stated that he views Bitcoin not as a tool for short-term liquidity, but as a long-term store of value. In the market, there is an assessment that moves by companies like Smarter Web Company could serve as a case for gauging the role of virtual assets in future corporate treasury strategies. Analysts say that differentiation in company strategies is becoming more pronounced even amid heightened Bitcoin price volatility.
A sharp selloff in crypto assets has pushed the US government’s unrealized losses on its strategic Bitcoin (BTC) holdings close to $5 billion, according to reports. According to Walter Bloomberg, a breaking-news account, on the 6th (local time), Bitcoin has fallen about 45% from its all-time high, reducing the value of the US government’s Bitcoin holdings to roughly $13.8 billion from about $18.5 billion. The resulting unrealized loss is estimated at about $4.7 billion. The US government operates a strategic Bitcoin holding policy centered on Bitcoin seized during criminal investigations and sanctions enforcement. The assets are managed under a long-term holding approach without being sold, and are classified as part of the digital asset reserve. Despite the price decline, the Trump administration has maintained its stance that it will keep the Bitcoin holding strategy. Administration officials emphasize that, over the long term, potential upside in Bitcoin’s value can offset short-term volatility. However, some critics argue that these unrealized losses underscore that the government is exposing taxpayer-funded assets to high-risk, volatile instruments. Concerns are being raised about fiscal stability, given the potential for sharp price swings over short periods. Markets are watching whether the US government will continue its digital asset holding strategy alongside Bitcoin’s price trajectory. Debate is also continuing over whether strategic Bitcoin holdings can become established as a mainstream asset.
An analysis has emerged suggesting that much of the key negative news has already been largely priced in, following the recent sharp sell-off across the digital asset (cryptocurrency) market, including Bitcoin (BTC). According to The Block, a digital-asset news outlet, on the 6th (local time), Bitwise Chief Investment Officer (CIO) Matt Hougan said of the recent market conditions: “This selloff is less a failure of digital assets themselves than the result of a confluence of cyclical selling, deleveraging, and broader macro risk-off sentiment.” He added, “Gold and silver have been sold off sharply recently, and U.S. equities are also under pressure due to slowing growth, the interest-rate path, and uncertainty around capital spending,” explaining that “the pullback in digital assets is an extension of this macro backdrop.” Hougan distinguished the current phase from the 2022 bear market. He said, “There have been significant outflows, but unlike 2022, we are not seeing signs of systemic stress across the digital-asset ecosystem, such as exchange bankruptcies or a breakdown in market infrastructure.” Still, he noted that “the possibility of further declines in Bitcoin’s price remains,” while adding that “as Bitcoin has matured through prior cycles, the likelihood of a broad-based collapse like 2022 is low.”
After Bitcoin (BTC) regained $60,000, buying by US investors was spotted, pushing the Coinbase premium into positive territory for the first time since mid-January this year. Julio Moreno, chief analyst at CryptoQuant, wrote on X (formerly Twitter) on the 6th (local time) that “as Bitcoin broke above $60,000, US investors are stepping in to buy,” adding that “the Coinbase premium recorded a plus (+) reading for the first time since mid-January.” The Coinbase premium is an indicator that reflects the price gap of Bitcoin between the US crypto exchange Coinbase and the global exchange Binance. Generally, when the premium turns positive, it is interpreted as a signal that buying demand from US institutions and retail investors is relatively strong. Since the start of the year, during Bitcoin’s correction phase, the Coinbase premium had remained in negative territory, showing subdued buying by US investors. This shift into positive territory is seen as an indicator pointing to a potential change in market participants. Still, some analyses note that it remains to be seen whether the short-term rebound in the Coinbase premium will translate into a sustained shift toward buying, as this will depend on further price action and whether additional capital inflows materialize.
The three major U.S. stock indexes are trading higher. As of 03:28 on the 7th, the Nasdaq Composite was up 1.88% from the previous session at 22,964.87. The Dow Jones Industrial Average was up 2.09% at 49,932.87, while the S&P 500 was up 1.63% at 6,909.09.
Bitcoin (BTC) has briefly given up the $70,000 level. As of 03:25 on the 7th, BTC is trading at $69,554.39 on Binance’s Tether (USDT) market, up 5.63% from the previous day.
Bitcoin (BTC) has briefly recovered the $71,000 level. As of 02:48 on the 7th, BTC was trading at $71,176.78 on Binance’s Tether (USDT) market, up 6% from the previous day.
Digital asset (cryptocurrency) financial services firm Galaxy Digital has approved a share repurchase program of up to $200 million. The buyback is set to be carried out in stages over the next 12 months. According to foreign media reports on the 6th (local time), Galaxy Digital received board approval to conduct share repurchases of its Class A common stock. The specific timing and method of the repurchases have not yet been disclosed. Galaxy Digital is currently listed on Nasdaq and the Toronto Stock Exchange in Canada. If it proceeds with repurchases on the Toronto Stock Exchange, additional approval from local regulators will be required. If repurchases are executed on Nasdaq, applicable rules cap the amount that can be bought back at up to 5% of total shares outstanding as of the start of the program. This measure reflects considerations around market liquidity and share-price volatility. The buyback plan is being interpreted as part of Galaxy Digital’s efforts to maintain financial soundness and enhance shareholder value. The company added, however, that whether it proceeds with the repurchase and the size of any buyback could vary depending on market conditions and its capital management environment.
ARK Invest, led by Cathie Wood, has made a large-scale sale of Coinbase (COIN) shares. The move is drawing market attention as it comes shortly after additional purchases. According to Decrypt, a crypto-focused media outlet, on the 6th (local time) ARK Invest sold more than 119,000 shares of Coinbase. The sale totaled about $19 million. ARK Invest has held Coinbase shares through its actively managed ETFs and has frequently adjusted its weighting in response to market volatility. It had also added to its Coinbase position just a few days ago. Coinbase shares have been swinging recently amid U.S. discussions over crypto regulation and broader market volatility. As a result, short-term trading by institutional investors appears to be increasing. ARK Invest did not provide a separate official comment regarding the sale.
Bitcoin (BTC) briefly recovered the $70,000 level. As of 01:55 on the 7th, BTC was trading at $70,175.47 on Binance’s Tether (USDT) market, up 2.29% from the previous day.
Paul Krugman, a Nobel laureate in economics and a professor at the City University of New York, recently said the latest plunge in Bitcoin (BTC) prices is different in nature from past episodes. He argued that the decline is not a simple market correction but the result of eroding trust surrounding Bitcoin and its politicization. According to cryptocurrency-focused outlet U.Today on the 6th (local time), Krugman wrote on his blog that “Bitcoin’s rise has largely been driven by political factors,” adding that “the current crash is a sign that this political trust is being shaken.” He cited libertarian ideology as a key reason Bitcoin was able to recover even after steep price declines in the past. Krugman said, “Previously, ideological conviction among Bitcoin supporters helped defend the price during downturns,” explaining that “many participants shared faith in Bitcoin, and that became the foundation for a rebound.” However, he said that framework is becoming difficult to sustain. “Bitcoin has now become a political product,” Krugman said, adding that “the ideology-based price-support mechanism is unlikely to work anymore.” He continued, “This adjustment phase is showing a different pattern from past cyclical declines,” and added, “It does not look easy to expect a rebound in the same way as before.”
Bitcoin (BTC) briefly regained the $69,000 level. As of 00:51 on the 7th, BTC was trading at $69,049.99 on Binance’s Tether (USDT) market, up 2.25% from the previous day.
As the digital asset (cryptocurrency) market undergoes a sharp, broad-based price correction, Tether’s chief executive officer (CEO) posted a symbolic video. According to crypto-focused outlet U.Today on the 6th (local time), Paolo Ardoino, CEO of Tether, uploaded a short video to his X (formerly Twitter) showing an army carrying shields and swords heading toward a battlefield. The video was posted at a time when volatility was rising across the crypto market and the price correction was continuing. Ardoino did not add any separate explanation or comment alongside the clip. The outlet said the video "could be interpreted as symbolizing resilience and defensive strength in an upcoming phase of selling pressure." Recently, volatility has been increasing in bitcoin and major altcoins, weighing on investor sentiment. It added that symbolic moves by key industry figures in such conditions have become subject to market interpretation.
Bitfarms, a Bitcoin (BTC) mining company, saw its shares jump sharply after saying it will shift its corporate identity into an artificial intelligence (AI) infrastructure company. On the 6th (local time), cryptocurrency-focused media outlet CoinDesk reported, citing remarks by Bitfarms CEO Ben Gagnon, that the company declared it is no longer a Bitcoin mining-centric business. CEO Ben Gagnon said, "We are no longer a Bitcoin company," adding, "We are transitioning into a company that owns and develops infrastructure for high-performance computing (HPC) and artificial intelligence (AI) data centers across North America." Going forward, Bitfarms plans to focus its capabilities on building data centers and developing infrastructure capable of handling HPC and AI workloads, rather than expanding Bitcoin mining facilities. The pivot is seen as a strategic response to the recent deterioration in Bitcoin mining profitability and the surge in demand for AI compute. Following the announcement, Bitfarms shares rose about 18% in a single day. The move erased the prior session’s decline, reflecting heightened investor expectations. The outlet said, "More Bitcoin mining companies are turning to the AI data center business to diversify revenue," adding, "Bitfarms’ strategic pivot symbolically illustrates this trend."
An analysis suggests that as the price of Bitcoin (BTC) drops below the average cost of mining, profitability pressure on mining companies could intensify. Cryptocurrency-focused outlet Decrypt, citing on-chain analytics firm CryptoQuant, reported that BTC has recently fallen about 50% from its peak in October last year, increasing the burden on miners. CryptoQuant’s chief analyst Julio Moreno said, “The average cost to mine one bitcoin is estimated at roughly $70,000–$80,000,” adding, “This is above the current bitcoin price.” The outlet added that, when factoring in electricity costs, capital expenditures on equipment, and maintenance and operating expenses, the average mining cost for major bitcoin miners listed on U.S. stock exchanges is also estimated at around $60,000–$80,000. Accordingly, if the bitcoin price remains at current levels for an extended period, some mining companies may respond to deteriorating profitability by cutting output, halting operations, or selling assets. Decrypt said, “If prices persist below mining costs, restructuring pressure across the mining sector could mount,” adding that “whether bitcoin prices recover and upcoming difficulty adjustments will be key variables for the mining industry.”
Bitcoin (BTC) hashprice, a measure of mining profitability, has fallen to an all-time low, raising the prospect of a sharp decline in the next difficulty adjustment. On the 5th (local time), Bloomberg, citing data from crypto mining services firm Luxor Technologies, reported that Bitcoin hashprice came in at about $0.03 per terahash. That is the lowest level in Bitcoin mining history. According to the report, if the current trend continues, Bitcoin network difficulty is expected to fall by more than 13% in the next adjustment. Difficulty is adjusted roughly every two weeks and is automatically recalibrated in response to changes in mining conditions. Some miners are shifting data centers to other uses, such as artificial intelligence (AI) computing, to offset the hit to profitability. Bloomberg noted, however, that most mining companies' revenue still comes from Bitcoin mining. Higher power costs and weather-related blackouts were also cited as factors squeezing miners' profit margins. In particular, North American miners are facing mounting operational strain due to grid instability and rising costs. Bloomberg said, "A decline in hashprice could, in the near term, trigger shutdowns or restructuring at some miners," adding that attention is focused on whether conditions may ease to some extent after the difficulty adjustment.
Amid ongoing panic selling in the bitcoin (BTC) market, the relative strength index (RSI) has fallen to near record lows. Given similar past episodes, the possibility of a rebound is being discussed. According to CoinDesk, a media outlet specializing in digital assets (cryptocurrencies), bitcoin’s RSI fell to 17.6 on the 5th (local time). That is well below 30, the level commonly cited as the oversold threshold. According to the report, there have been only two prior instances in which bitcoin’s RSI dropped to such an extreme level. At the bottom of the 2018 bear market, the RSI hit 9.5, and during the sharp selloff caused by the COVID-19 pandemic in 2020, it fell to 15.6. Market action at the time showed that prices later rebounded sharply. In 2018, bitcoin rose over about eight months from $3,150 to $13,800. In 2020, bitcoin—around $3,900—surged to $65,000 in just over about a year. CoinDesk said that “situations where the RSI has moved beyond oversold territory like this have often been interpreted as a signal of a medium-term trend reversal, not merely a short-term bounce.” It added, however, that there is no guarantee past patterns will repeat and that volatility could persist depending on the macroeconomic backdrop and liquidity conditions. Recently, the bitcoin market has been undergoing a pullback amid volatility in global financial markets and a broadening risk-off mood. With the RSI indicator now at an extreme level, market attention is focused on the price path ahead.
The three major U.S. stock indexes closed lower. The Nasdaq Composite fell 1.59% from the previous session to 22,540.59 points on the 6th. The Dow Jones index dropped 1.20% to 48,908.41, and the S&P 500 index fell 1.20% to finish at 6,799.99.
The CEO of major U.S. brokerage Charles Schwab said that while prediction markets have some informational value, trades that amount to sports betting do not align with the firm’s core mission. Rick Wurster, CEO of Charles Schwab, said in an interview with The Block on the 5th (local time) that “prediction markets can offer elements that help investors, but sports betting is at odds with the company’s mission.” He broke the role of prediction markets into three functions. “First, prediction markets provide insights into the probability of various events occurring. That can be useful information for investors,” Wurster said. “Second, they can matter for investors seeking to hedge or adjust portfolios linked to the outcomes of macroeconomic events such as inflation or employment indicators,” he explained. He drew a clear line, however, when it comes to prediction markets structured as bets on sports results. “The third is sports betting, and that’s the part we think hardest about,” he said. “It’s a business that positions gambling, and it doesn’t fit with our core mission.” He added that “this kind of business should be left to companies with a gambling or trading-platform character, such as FanDuel or Robinhood.” In the U.S., prediction markets have recently expanded beyond economic indicators and political events into sports, fueling debate over regulation and business fit. Charles Schwab is seen as making clear it will stick with its existing direction centered on providing investment information and asset management.
Bitcoin (BTC) briefly regained the $63,000 level. As of 05:53 on the 6th, BTC is trading at $62,622.22 on Binance’s Tether (USDT) market, down 14.67% from the previous day.
A U.S. senator stressed the need to establish a clear regulatory framework, saying digital assets (cryptocurrencies) will not disappear anytime soon. He also raised concerns about congressional gridlock surrounding a digital-asset market structure bill. According to The Block, a crypto-focused media outlet, U.S. Sen. Mark Warner said at a recent meeting on the digital-asset market structure bill, the CLARITY Act, that “digital assets are here to stay” and that “we need to put clear rules in place,” The Block reported on the 5th (local time). Describing the current state of legislative talks as feeling “trapped in crypto hell,” Warner criticized the delays. He said lawmakers should not “create sweeping carve-outs” or craft provisions that “weaken some of the existing prosecutorial authority.” He also cited national security issues related to decentralized finance (DeFi) as a key concern. Warner noted that DeFi structures can make it harder to trace fund flows and said this should not be overlooked in regulatory discussions. The meeting was attended by key policymakers including Warner and U.S. Treasury Secretary Scott Bessent. Participants were said to have exchanged views on the crypto industry’s sustainability and how to set the scope of regulation. The U.S. Congress is currently divided over how to classify digital assets as securities or commodities and how to allocate supervisory authority. Market attention is focused on whether the CLARITY Act can reach a compromise.
Bitcoin (BTC) briefly fell back below the $64,000 level. As of 05:24 on the 6th, BTC was trading at $63,898.12 on the Binance Tether (USDT) market, down 13.25 % from the previous day.
Bitcoin (BTC) has briefly given up the $65,000 level. As of 05:05 on the 6th, BTC is trading at $64,973.18 on Binance’s Tether (USDT) market, down 11.96 % from the previous day.
According to Walter Bloomberg, a breaking-news account, on the 5th (local time), expectations for interest-rate cuts by the Federal Reserve (Fed) are rising again as a string of US employment indicators shows signs of weakening. The assessment is that signals are strengthening that the labor market is entering a slowing phase. Recent US labor-market releases showed an increase in initial jobless claims and a larger scale of corporate layoffs. At the same time, job openings declined, suggesting weakening demand for labor. Markets are interpreting this trend as a gradual cooling of the labor market. Analysts say that if the job market moves out of an overheating phase, the Fed could have a stronger rationale to ease its rate policy. The Fed has maintained a cautious stance on cutting rates, citing a resilient labor market. However, if employment indicators slow faster than expected, the possibility of a shift in the policy stance is also being raised. Financial markets are already showing moves that price in the possibility of rate cuts. Some interest-rate futures markets are reflecting a higher probability than before of a cut within the year. The Fed plans to determine the direction of monetary policy by comprehensively reviewing upcoming employment and inflation data. Attention is focused on whether rate-cut discussions could gather pace if the labor-market slowdown continues.
The U.S. Treasury secretary sharply criticized market participants opposing legislation to establish a market structure for digital assets (cryptocurrencies), saying those who do not want regulation should go to another country—not the United States. According to crypto-focused media outlet CoinDesk on the 5th (local time), U.S. Treasury Secretary Scott Bessent, appearing at a congressional hearing, referenced the digital-asset market structure bill (the CLARITY Act) and said, “Those who don’t want strong regulation should move to El Salvador.” Bessent did not name anyone in particular, but noted that “there seems to be a group of skeptics in the industry that prefers an environment with no regulation at all rather than regulation such as a market structure law.” He added, “We must introduce safe, sound and prudent practices and an oversight system by the U.S. government, while also ensuring the freedoms that digital assets provide.” He stressed that the market structure bill is essential to the development of the U.S. digital-asset industry. “The Senate must pass the market structure bill,” Bessent said, adding, “If this legislation does not pass, the digital-asset industry in the United States cannot develop.” He also expressed expectations for legislative progress, saying that “with both parties continuing discussions on the bill, it could pass within this year.” The bill’s centerpiece is clarifying regulatory jurisdiction over digital assets and the market’s structure. The remarks come as differences persist within the industry and political circles over the appropriate level of crypto regulation. The U.S. government has maintained its stance that it will bring the industry into the regulatory mainstream through a clear regulatory framework.
Bitcoin (BTC) has slipped below $69,000, raising the possibility that the market has entered a so-called “full capitulation” phase. Analysts say large-scale loss-taking sales by short-term investors and a simultaneous deterioration in technical indicators are emerging. According to an analysis published on the 5th (local time) by cryptocurrency-focused outlet Cointelegraph, panic selling by short-term holders is intensifying during Bitcoin’s downswing. The Fear & Greed Index remains in the extreme fear zone, while the Relative Strength Index (RSI) is also signaling oversold conditions. The outlet noted that this combination of indicators has often been observed in past cycles in the stage immediately preceding a market bottom. When the pace of price declines coincides with worsening investor sentiment, it may indicate that a substantial portion of selling pressure has already been absorbed. On-chain data also suggest short-term investors are moving into a capitulation phase. Over the past 24 hours, short-term holders were estimated to have deposited about 60,000 BTC to exchanges, a move interpreted as unwinding positions despite losses. At current prices, the amount is worth about $4.2 billion. While the market is leaving room for continued volatility in the near term, attention is focused on whether these “capitulation signals” could, over the medium to long term, presage price stabilization. Still, cautious views are also being raised that the timing of a bottom could vary depending on the macro backdrop and liquidity conditions.