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Bitcoin Crumbles Toward $60K, Strategy Sold BTC, Zcash Faces Critical Vulnerability: Weekly Crypto Recap

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It was quite the week for the cryptocurrency markets, dominated to a very large extent by the bears. Here’s the breakdown.

The previous weekend was quite sluggish, although BTC had already declined to $74,000 from the May top of almost $83,000. However, the worst was yet to take place. As the new business week and month began on Monday, bitcoin experienced a quick and painful decline. It first dumped toward $70,000, and even though that psychological level held the first breakdown attempt, it eventually gave in, and the landscape quickly worsened.

The cryptocurrency kept losing key support levels one after the other, and each bounce-off attempt was halted in its tracks. The bears appear to be in full control, even today on Friday. Earlier today, BTC dipped below $62,000 again and slipped to $61,000. It rebounded to $63,000 within minutes, which only increased the liquidations across the board, only to be rejected again.

The latest leg down transpired minutes ago when the asset slumped below $61,000 to chart a fresh four-month low. Thus, the cryptocurrency has lost well over $20,000 since its mid-May top as it now struggles to remain above the coveted $60,000 support.

The weekly decline is quite obvious and striking. BTC has plummeted by 15% since this time last Friday, and by a whopping 26% monthly. Its market cap has shed over $400 billion in weeks and is down to $1.2 trillion on CG. Even its dominance over the alts took a hit, even though many have charted similar or even worse declines.

Some of the notable examples include ADA, which is down by over 30% following Charles Hoskinson’s decision to take a break, and Zcash’s 41% drop after some technical vulnerabilities were uncovered earlier.

Market Data

Market Cap: $2.18T | 24H Vol: $138B | BTC Dominance: 55.7%

BTC: $60,650 (-15.5%) | ETH: $1,600 (-17%) | XRP: $1.11 (-14%)

Cryptocurrency Market Overview Weekly June 5. Source: QuantifyCrypto
Cryptocurrency Market Overview Weekly June 5. Source: QuantifyCrypto

This Week’s Crypto Headlines You Can’t Miss

Strategy Sold Bitcoin, But It’s Not What You May Think. Bitcoin’s big troubles began shortly after Strategy announced its first sale in years. Although it disposed of a very tiny portion of its BTC holdings, it still triggered a community reaction and perhaps led to a significant worsening in the overall market sentiment.

Peter Schiff Warns Bitcoin Could Plunge Below $20K as Complacency Sets In. In an entirely expected comment on X, Peter Schiff took advantage of BTC’s price crash and predicted an even bigger calamity to $20,000 if the $50,000 support is lost.

Strive Doubles Down on Bitcoin With $185M Buy, Holdings Near 19,000 BTC. Unlike Strategy, Strive made its first purchase in a long time, expanding its holdings to almost 19,000 BTC after a substantial $185 million accumulation of the asset.

Arthur Hayes Dumps Entire Zcash (ZEC) Position After Major Flaw Emerges. Shortly after the news of Zcash’s issues went viral on X, Arthur Hayes, who had been supporting the project for a while, said he had disposed of his entire ZEC position, citing a lot of uncertainty.

Cardano (ADA) Faces Make-or-Break Moment as Social Buzz and Network Activity Explode. Hoskinson’s break, combined with ADA’s massive price calamity, led to a significant increase for Cardano, with the social media activity going wild.

Ethereum Crashing to 14-Month Low Is a ‘Screaming Buy-The-Dip Opportunity’ – Analyst. ETH was not spared by the overall market crash, dumping to consecutive 14-month lows at under $1,800 and then to $1,600. Some analysts, though, believe this could be a proper buy-the-dip opportunity.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.

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