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According to CoinNess market monitoring, BTC has fallen below $59,000. BTC is trading at $58,981.23 on the Binance USDT market.

U.S. asset manager New York Life Investment Management (NYLIM) announced today the launch of HYB, its first tokenized product based on corporate bonds. The product was developed in collaboration with Centrifuge (CFG), a decentralized lending protocol focused on real-world assets (RWA). New York Life has approximately $807 billion in assets under management (AUM). HYB is designed to provide access to New York Life's high-yield corporate bond strategy for institutional investors, with subscriptions and redemptions settled in the USDC stablecoin.

Crypto market maker Wintermute said that while the bear market is significantly advanced, the true bottom for Bitcoin has not yet been confirmed. In a post on X, the firm noted that the Fear & Greed Index remains in a state of extreme fear and the portion of BTC supply in loss is nearing 50%, the point at which it converges with the supply in profit. Wintermute pointed out that historically, this trend has preceded the actual market bottom by two to three quarters. At the final low point in past cycles, the supply in loss was closer to 60%, suggesting there is still room for further declines. The firm added that a bottom is unlikely to form during the low-volume summer months and that investors should watch for continued weakness into September-October, after which any recovery will depend on shifts in the macroeconomic landscape.

The Ethereum Foundation has announced the expiration of its five-year contract with Argot Collective, an organization focused on developing Ethereum's core infrastructure. The foundation explained that the agreement was centered on the neutral and independent development and maintenance of the network's infrastructure. As the final step of the contract, 4,938 stETH will be transferred to Argot Collective's multi-sig wallet. These funds are scheduled to be unlocked in stages on July 1, 2026, and in January 2027.

Although the price of Bitcoin has stabilized near the $60,000 level, a significant recovery is unlikely until institutional investors can absorb the oversupply from ETF redemptions, CoinDesk reported. Glassnode data shows that Bitcoin ETFs experienced a record outflow of 71,600 BTC ($4 billion) this month, while accumulating entities bought just 7,500 BTC. CoinDesk added that with the inclusion of newly mined coins, the total excess supply reaches approximately 77,000 BTC ($4.4 billion). This has led to a persistent supply overhang as institutions struggle to absorb the sell-off. The report suggests that with both ETFs and accumulating entities contributing to selling pressure, any potential BTC rebound is likely to be short-lived without a recovery in institutional demand.

Solana Company (Nasdaq: HSDT), a publicly traded firm focused on strategic Solana (SOL) accumulation (DAT), has signed a memorandum of understanding (MOU) to support the development of Alatau City, a new digital city in Kazakhstan, Cointelegraph reported. The company will advise on building the city's cryptocurrency infrastructure, with cooperation spanning four areas: DAT, blockchain infrastructure, expanding institutional adoption, and platform development. The outlet noted that Kazakhstan launched Central Asia's first Solana economic zone on Astar Network last year and recently listed the first Solana ETF on the Kazakhstan Stock Exchange (KASE). However, significant challenges remain. Local authorities have raised concerns that building a crypto-based economy may require constitutional amendments, while residents of Alatau City are reportedly facing shortages of basic utilities such as gas, water, and electricity.

Iranian Foreign Ministry Spokesperson Baghaei said that external intervention in the Strait of Hormuz is unnecessary, adding that it would only complicate the issue.

BlackRock, the world's largest asset manager and a spot Bitcoin ETF issuer, deposited 4,385 BTC, worth approximately $260 million, into Coinbase Prime over the past 24 hours, according to an analysis by Onchain Lens. During the same period, the firm also deposited ETH valued at $48.6 million. Over the last two days, BlackRock's total deposits to Coinbase have amounted to 11,817 BTC, worth $706 million. Such deposits are typically interpreted as part of the operational process for its spot cryptocurrency ETF, often related to settling redemptions from fund outflows. Yesterday, BlackRock's Bitcoin ETF, IBIT, recorded a net outflow of $300.4 million.

Strategy (MSTR) stock is down approximately 41% in June and is on track to post its worst monthly performance since 2022, CoinDesk reported. If the stock closes lower for the month, it will mark the 11th down month out of the last 12. MSTR hit an all-time high of $540 per share in November 2024, but its decline has continued since the launch of its perpetual preferred stock, STRC, in July of the following year. While STRC has a higher repayment priority than common stock, making it less volatile, the need to issue additional common shares to fund STRC dividends has fueled dilution concerns, deepening the stock's slump. Since STRC's listing, Bitcoin has fallen by about 50%, while MSTR has dropped by approximately 77%. Meanwhile, Bitcoin is down 20% in June, marking its third consecutive quarterly loss.

Fidelity has stated that no one can be certain when, or even if, the current crypto winter will end. The global asset manager and spot Bitcoin ETF issuer noted on its official website that historical triggers for Bitcoin bull markets have included the four-year cycle, regulatory changes, Fed interest rate cuts, new use cases, and the influx of institutional investors. Fidelity explained that while any one of these factors could spark a bull run, the recovery investors hope for may not materialize even if all conditions are met. While positive industry factors like the growing adoption of stablecoins exist on a macro level, they do not guarantee a new bull market. Therefore, the firm advised that cryptocurrency investments should be made within a tolerable range of loss, and investors should remain mindful of the constantly changing regulatory environment.

The UK's Financial Conduct Authority (FCA) has lowered the capital requirement for stablecoin issuers to 1% of the issued amount, down from 2%, as part of a new crypto regulatory framework, CoinDesk reported. This contrasts with the 2% requirement under the European Union's Markets in Crypto-Assets (MiCA) regulation, which takes effect on July 1. The FCA also mandated that crypto exchanges must hold 40% of their trading capital as reserves against potential losses and apply a 40% loss rate to the value of collateral used in lending and trading.

Binance announced that it delisted eight cryptocurrencies from its on-chain trading platform, Binance Alpha, at 10:30 a.m. UTC on June 30. The delisted assets are TTD, OIK, LUNAI, TOWN, VINU, PUP, CYPR, and DGRAM.

Chile's Financial Market Commission (CMF) has revoked the license of cryptocurrency exchange Plusspay after confirming its ties to the Venezuelan criminal organization Tren de Aragua, local media outlet Livecoins reported. The exchange is now prohibited from accepting new customers and can only conduct operations necessary to return funds to existing users.

Ripple (XRP) is once again testing the $1 support level, and a failure to hold it could see the price fall to $0.8, according to an analysis by CryptoPotato. The outlet noted that this is the third time XRP has tested this support in the past two weeks. A bearish sentiment currently prevails, as buying pressure has failed to lift the price following these tests. If downward pressure intensifies this week, the $1 support level could be breached and turn into resistance. In such a scenario, the next major support is located around the $0.8 mark. XRP is currently trading at $1.04, down 1.05%, according to CoinMarketCap.

The spot Cumulative Volume Delta (CVD) chart analyzes the order book for the BTC/USDT spot trading pair. The top section shows a volume heatmap, while the bottom displays the CVD. - The volume heatmap tracks trading volume at specific price levels. The background brightens when the price lingers in a range or moves significantly, with these brighter zones potentially acting as support or resistance. - The CVD indicator shows buy and sell orders categorized by size. As buy orders for a specific size category increase, the corresponding colored line rises. The yellow line represents orders between $100 and $1,000, while the brown line indicates large-scale orders between $1 million and $10 million.

Cardano (ADA) founder Charles Hoskinson said the measure of the project's success is its ability to become the world's top blockchain protocol, The Crypto Basic reported. During a recent live broadcast, he explained that his vision for Cardano's success is for it to return to its past peak performance and then far surpass that level. He emphasized that achieving a dominant position would enable the project to realize its long-term vision while also proving the strength of its ecosystem. Meanwhile, skepticism regarding Hoskinson's leadership is reportedly growing within the Cardano community. He has faced criticism for causing a sharp drop in ADA's price after mentioning the possibility of a chain split. He previously announced a temporary halt to his public activities, citing an inability to endure malicious comments and criticism from the community.

Coinbase announced in a blog post that it will provide the payment infrastructure for French fintech firm Spiko's European and U.S. short-term government bond money market funds (MMFs), enabling deposits and redemptions in USDC and EURC. This marks the first time a fund regulated under the European Union's UCITS framework has supported stablecoin payments. Through Coinbase Payments and Base, investors can put idle stablecoins into the short-term bond funds even on weekends and holidays. Upon redeeming their positions, they can receive USDC or EURC in their wallets within minutes.

The total value locked (TVL) in decentralized finance (DeFi) protocols temporarily fell below $70 billion on June 29, marking its lowest point since February 2024, ChainCatcher reported, citing data from DeFiLlama. This represents a 60% decrease from the approximately $171 billion recorded in October of last year. The TVL is currently around $70.129 billion. Additionally, according to DeFiLlama, the total market capitalization of stablecoins has decreased by 0.97% over the past week, while spot trading volume on decentralized exchanges (DEXs) has increased by 8.21%.

Crypto embedded wallet infrastructure provider Privy has announced a partnership with Stripe to enable its developers to issue cards linked to DeFi vaults. When a user makes a payment with the card, funds are withdrawn from the vault, unwrapped, and settled in a single transaction. The vault funds remain deposited until the moment of payment, eliminating the need for a separate withdrawal process. The card is a prepaid Visa debit card issued by Lead Bank and managed by Stripe.

Bitcoin traders are engaged in a fierce battle over the $60,000 level, a key psychological support and resistance line, CryptoPotato reported. The outlet noted that while traditional financial markets are showing optimism amid signs of renewed negotiations between the U.S. and Iran, Bitcoin began the week on a bearish note. A combination of persistent macroeconomic risks, geopolitical variables, and deteriorating sentiment in the crypto market is limiting any upward momentum. This atmosphere is reflected in spot ETF flows, with BlackRock's IBIT experiencing outflows of over $300 million yesterday. CryptoPotato explained that for short-term sentiment to improve, it is crucial for Bitcoin to reclaim $60,000 and establish it as a solid support level. Otherwise, the cryptocurrency could face a more significant decline.

South Korean cryptocurrency exchange Korbit has announced plans to sell 15 BTC and 60 ETH between July 3 and July 31. The purpose of the sale is to cover operating expenses, including labor costs.

Hyperliquid Strategies (Nasdaq: PURR), a publicly traded company focused on holding the digital asset Hyperliquid (HYPE), has been added to the Russell 3000 and Russell 2000 indices, The Block reported. The inclusion follows the company's addition to the S&P Global BMI earlier this month.

Cryptocurrency exchange Crypto.com has hired Iskandar Vanblarcum, who previously worked at the London Stock Exchange Group and Barclays, as its new managing director, The Block reported via X. Vanblarcum will be tasked with attracting institutional clients and driving the exchange's future businesses in prediction markets and tokenized real-world assets (RWA).

Ethereum Layer 2 project Taiko announced it has restarted its network after fully restoring its bridge collateral on a one-to-one basis. In a post on X, the project stated that all assets now correspond one-to-one with those on the Ethereum network, allowing users to resume normal transfers, swaps, and trades. Taiko added that its Ethereum bridge is scheduled to reopen soon. The network restart follows a phased recovery plan Taiko unveiled after a $1 million exploit occurred in one of its vaults on June 22.

U.S.-based unlisted mining firm Ionic Digital has pivoted to become an AI and high-performance computing (HPC) infrastructure provider and has applied for a direct listing on the Nasdaq, Cointelegraph reported. The company was formed by acquiring the mining equipment of the bankrupt cryptocurrency lender Celsius. The business transformation appears to be well underway, as the company's digital infrastructure leasing revenue reached $44 million in the first quarter, while its mining revenue fell 82% year-over-year to just $7.4 million.