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A package of bills aimed at reforming the U.S. cryptocurrency tax framework is facing challenges in achieving bipartisan consensus, CoinDesk reported. While the U.S. House Ways and Means Committee has discussed the legislation, disagreements over certain provisions suggest further negotiations will be necessary. The proposed bill focuses on easing the tax reporting burden for cryptocurrency investors and users. Key measures include exempting small crypto transactions from tax reporting and preventing the double taxation of mining and staking rewards. Lawrence Zlatkin, Vice President of Tax at Coinbase, commented that although millions of Americans own or use digital assets, the current tax code treats them like an experimental technology. He argued this creates confusion for taxpayers, compliance burdens for businesses, and administrative challenges for the Internal Revenue Service (IRS). Committee Chairman Jason Smith explained that the goal is to enhance tax equity between digital and traditional financial assets, clarify tax issues unique to cryptocurrencies, and reduce reporting burdens.

A portion of the 40x leveraged Bitcoin (BTC) short position held by notable Hyperliquid trader James Wynn has been liquidated again, Onchain Lens reported. However, Wynn has reportedly not closed the position entirely and continues to maintain it. This follows a previous instance where, after a full liquidation, Wynn opened a new 40x short position worth 2.72 BTC.

The Spot Cumulative Volume Delta (CVD) chart analyzes the order book for the BTC/USDT spot pair. The top section displays a Volume Heatmap, while the bottom shows the CVD. - The top Volume Heatmap tracks the volume of trades at specific price levels. The background color brightens when the price lingers in a certain range or moves significantly. These brighter areas can potentially act as support or resistance levels. - The bottom CVD indicator represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. For example, the yellow line tracks orders between $100 and $1,000, while the brown line represents large orders between $1 million and $10 million.

The Fear & Greed Index from crypto data provider CoinMarketCap has fallen one point from yesterday to 15, shifting from "Fear" to "Extreme Fear." The index indicates extreme market fear as it approaches 0 and extreme optimism as it nears 100. CoinMarketCap's index is calculated based on several factors, including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data such as the put/call ratio, the Stablecoin Supply Ratio (SSR), and the platform's own search data.

Three anonymous addresses have withdrawn 75,000 ETH, valued at $120 million, from Kraken and FalconX, with Onchain Lens reporting that the wallets likely belong to Bitmine.

A U.S. official told Axios that a second strike on Iran is underway, targeting the country's air defense and radar systems.

Iran's Islamic Revolutionary Guard Corps (IRGC) announced via social media on June 10 that it had fired missiles and drones at U.S. targets in the region, according to CNN.

At least $36.7 million has been lost in DeFi hacks related to unverified smart contracts over the past six months, according to a report from blockchain analytics firm Chainalysis cited by Cointelegraph. The report states that hackers are increasingly targeting protocols with undisclosed source code. The largest single incident involved Truebit, where an attacker exploited a vulnerability in an unverified smart contract deployed on Ethereum since 2021 to steal $26.2 million. Other affected protocols include Trusted Volumes, Aperture Finance, and Ekubo. Chainalysis also noted that recent advancements in decompilers and AI technology are making these exploits easier. The firm explained that smart contracts that once required days of analysis by security experts can now be hacked at scale using AI.

The U.S. House of Representatives has initiated discussions on a crypto tax bill aimed at easing the reporting burden for investors and users, but its passage is expected to require significant debate due to bipartisan disagreements. According to CoinDesk, the House Ways and Means Committee held a hearing today on a package of bills intended to create clearer taxation standards for crypto investment profits and simplify reporting procedures. During the hearing, Democratic members raised concerns about the proposed tax benefits and methods. Some key committee members had reportedly expressed opposition to the bill's contents even before the hearing. Committee Ranking Member Richard Neal stated that while he ultimately agrees with the objective, the timing is premature, adding that some members of both parties remain skeptical.

Coinbase announced the addition of ARX and RE to its listing roadmap.

The U.S. stock market experienced sharp fluctuations on June 9, the Wall Street Journal reported. Major indices opened higher but turned negative in the afternoon amid a sell-off. While they recovered some losses before the close, most finished lower. The Nasdaq fell by about 1%, and the S&P 500 edged down 0.26%. Semiconductor stocks were particularly weak, with the Philadelphia Semiconductor Index dropping 1.9%. The report noted that many investors are believed to be taking profits from this year's top-performing stocks to secure cash for the upcoming SpaceX initial public offering (IPO) scheduled for this week.

Carlos Domingo, CEO of real-world asset (RWA) tokenization firm Securitize, predicted that stock tokens and ETFs will be the key drivers in growing the RWA market to a multi-trillion dollar scale. According to CoinDesk, Domingo said during a panel discussion at ETHConf in New York that the global stock and ETF market is valued at approximately $150 trillion. He suggested that if just 2% to 3% of this moves on-chain, the market could approach $5 trillion. Domingo added that while the tokenization market is currently worth $30 billion, it could expand significantly through stock and ETF tokens. He also noted that while tokenized U.S. Treasurys have led RWA market growth over the past two years, stock tokens will be the new growth engine going forward.

According to CoinNess market monitoring, BTC has risen above $62,000. BTC is trading at $62,037.8 on the Binance USDT market.

U.S. Senator Cynthia Lummis stressed that Bitcoin and other cryptocurrencies are new instruments embodying financial freedom, adding that the United States must protect them.

Crypto venture capital firm Paradigm and DeFi advocacy group the Hyperliquid Policy Center (HPC) have urged the U.S. Treasury Department to ease anti-money laundering (AML) regulations for stablecoins. According to The Block, the two organizations argued in a joint letter that proposed rules from the Treasury's Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) could impose strict liability on issuers for transactions they cannot realistically control. The proposed regulations, introduced in April to implement the Stablecoin GENIUS Act, would treat stablecoin issuers similarly to financial institutions under the Bank Secrecy Act (BSA). While Paradigm and HPC agree with focusing AML obligations on the primary market where customer identification is possible, they warned that extending issuer responsibility to secondary market transactions via smart contracts could significantly stifle the use of DeFi.

Iran's foreign minister has announced that the country's armed forces are on high alert to counter any violation of its airspace.

The U.S. government believes Iran will accept a deal to halt its uranium enrichment activities for 15 years, according to a report from The New York Times (NYT).

Bitwise has analyzed that Bitcoin's (BTC) recent weakness is not due to issues within the crypto market but rather its role as a "canary in the coal mine," detecting shifts in risk ahead of traditional markets. The asset manager noted that a risk-off sentiment is sweeping global asset markets, pointing to a recent 5% plunge in the Nasdaq and a temporary trading halt on the KOSPI, both triggered by concerns over prolonged high interest rates following strong U.S. employment data. However, Bitwise highlighted that on-chain data indicates liquidity remains plentiful. The Relative Strength Index (RSI) for the Stablecoin Supply Ratio (SSR) has fallen to 13, a level historically considered an accumulation zone. With approximately $72 billion in stablecoins sitting on major exchanges as potential buying power, Bitwise suggested that Bitcoin could rebound ahead of stocks once liquidity returns to the market.

Whale Alert reported that 211,203,228 USDC has been transferred from an unknown wallet to Coinbase. The transaction is valued at about $211 million.

The three major U.S. stock indices have experienced a sharp short-term drop, with the Nasdaq Composite's decline widening to 3.5%.

According to CoinNess market monitoring, BTC has fallen below $61,000. BTC is trading at $60,985.69 on the Binance USDT market.

Blockstream CEO Adam Back rejected Bitcoin Improvement Proposal (BIP) 110 on June 8, stating it has technical flaws. He warned that forcibly activating the proposal without broad ecosystem support could trigger a contentious fork, splitting Bitcoin into minority chains. The proposal, BIP-110, seeks to limit non-financial data in Bitcoin transactions. Proponents are pushing to implement it via a User Activated Soft Fork (UASF) without miner consensus, with the debate intensifying in early June. Michael Saylor has also described BIP-110 as a threat to the protocol and Bitcoin's greatest risk of self-inflicted harm. Back dismissed the proposal, arguing it is fundamentally different from SegWit, which previously gained widespread support, and asserted that its purported spam-reduction benefits would not be effective.

Iran's Supreme Leader Ayatollah Khamenei stated that while the country has never sought war and is not currently seeking one, it will never relinquish its legitimate rights.

A wallet address belonging to Garrett Jin, founder of the fraudulent crypto exchange BitForex, has opened a 2x leveraged long position of 27,300 ZEC at an average price of $460. Previously, the same address reportedly realized an $11.24 million profit on June 7 by closing a ZEC short position.

The Nasdaq Composite has extended its intraday losses to over 1.5%, while the S&P 500 is down 1%. The Philadelphia Semiconductor Index has plunged 3.7%. Among individual stocks, Qualcomm (QCOM) has fallen 7.5%, Micron Technology (MU) is down 4%, and Intel (INTC) has dropped 3.6%.