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Bitcoin (BTC) mining profitability is steadily deteriorating, intensifying margin pressure on mining companies, according to an analysis by The Block. The outlet noted that daily revenue for BTC miners, based on a seven-day moving average, is currently around $30 million, a significant drop from over $50 million recorded last summer. Revenue from transaction fees is less than $250,000, making its contribution to mining profits negligible. While BTC is trading at $61,000, JPMorgan estimates the cost of production to be approximately $78,000. Bitcoin's price has remained below its mining cost for five consecutive months, setting a new record for the current cycle. An estimated 20% of all mining operations are currently running at a loss. To cover operational expenses, publicly traded mining firms sold more than 32,000 BTC, valued at roughly $2 billion at current prices, in the first quarter alone. With the next halving approximately two years away, any recovery in mining revenue is likely to depend heavily on a rise in BTC's price rather than on transaction fees, The Block concluded.

On-chain yield infrastructure startup Ground has raised $3.6 million in a pre-seed funding round, The Block reported. The round was co-led by Bain Capital Crypto and ParaFi, with participation from Nascent, Robot Ventures, Chapter One, and Consonant Ventures. The specific use of the funds was not disclosed.

Coinbase has officially chosen Luxembourg as its European hub under the EU's Markets in Crypto-Assets (MiCA) regulation, Cointelegraph reported. From this base, the company plans to offer cryptocurrency services to clients throughout the EU.

Amid Bitcoin's recent dip below and recovery from the $60,000 level, Jan3 CEO Samson Mow stated that the cryptocurrency's fundamental value has not changed at all. On X, he described Bitcoin as a neutral, permissionless, bearer asset and the best hope for the future. Mow emphasized that with the continued issuance of fiat currency, hyperbitcoinization—a phenomenon where Bitcoin becomes the mainstream currency as traditional markets weaken—is inevitable.

According to CoinNess market monitoring, BTC has risen above $61,000. BTC is trading at $61,009.48 on the Binance USDT market.

The three major U.S. stock indices closed mixed today. - S&P 500: -0.09% - Nasdaq: -0.43% - Dow Jones: +0.36%

Prediction market platform Kalshi has filed a lawsuit against officials in the state of Illinois regarding new regulations. According to Cointelegraph, Kalshi alleges that Illinois Governor JB Pritzker, Attorney General Kwame Raoul, and officials from the state's gaming commission have illegally infringed upon the authority of the U.S. Commodity Futures Trading Commission (CFTC). The company argues that a recently enacted state law, Senate Bill 3019, conflicts with federal law. The bill requires sports prediction platforms to obtain a state license and introduces a 0.2% Privilege Tax on cryptocurrency transactions. Kalshi emphasized that it would suffer irreparable harm if the law takes effect as scheduled on July 1.

Dave Portnoy, founder of the online sports betting site Barstool Sports, challenged cryptocurrency proponents on his X account. He called on those who believe Bitcoin and crypto will reach $1 million and represent the future to explain why skeptics, who argue that Bitcoin is a scam destined to become worthless, are wrong. He added that for now, it seems to him that Bitcoin's value will fall to zero.

Decentralized prediction market platform Kalshi is in talks to raise funds at a valuation of $40 billion, Unfolded reported, citing the Financial Times (FT).

CryptoQuant reports that approximately 7,600 BTC has flowed into Binance as panic selling intensifies. This indicates a concentration of potential selling pressure, amounting to about $479 million, on Binance alone, the firm noted.

Major exchanges have seen $105 million worth of futures liquidated in the past hour. In the past 24 hours, $870 million worth of futures have been liquidated.

M has fallen by 4.00% in the past five minutes on the COINNESS market. Currently, M is trading at $2.66.

As Bitcoin fell below the $60,000 mark, shares of MicroStrategy (Nasdaq: MSTR), the largest corporate holder of the asset, dropped by more than 10% during trading on June 24. The stock is currently trading at $92.74, down 10.69%.

Binance has withdrawn its application for a license in Greece under the European Union's Markets in Crypto-Assets (MiCA) regulation, even as it plans to reapply for MiCA licenses elsewhere in the bloc. In a post on its official X account, the exchange stated the decision was made after a careful review of the status and timeline of the licensing process with the Greek government. Binance added that Europe is an important market and expressed confidence in securing licenses in the coming months. The company assured users that their funds are safe and said any affected European customers will be directly notified of changes before the compliance deadline. The withdrawal follows an earlier report from Reuters, which cited multiple sources saying Binance's Greek application was likely to be rejected.

21Shares has stated that its previous prediction about Bitcoin breaking its four-year cycle was incorrect. According to a Decrypt report on a new analysis from the firm, 21Shares acknowledged that while it had anticipated the end of the cycle before 2026, price movements over the past six months have been similar to previous patterns. However, the company argued that its thesis was not entirely wrong, as the market structure has clearly changed. 21Shares explained that the current 50% market decline is significantly milder than the drops of over 80% seen in past cycles.

Major exchanges have seen $333 million worth of futures liquidated in the past hour. In the past 24 hours, $764 million worth of futures have been liquidated.

The price of spot silver fell to $58 per ounce, its lowest level since last December. The intraday decline reached 5.75%.

Cambrian, a startup building blockchain data infrastructure for institutions and AI agents, has raised $6 million. According to The Block, the round was led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, Paper Ventures, and Nomad Capital. The funds will be used to build a blockchain data oracle network. Cambrian previously raised $5.9 million last year in a pre-seed round led by the a16z Crypto Startup Accelerator (CSX).

White House spokesperson Anna Kelly, in a statement to BeInCrypto, asserted that the recent U.S.-UAE strategic technology partnership in AI was solely for the national interest of the United States and has no connection to World Liberty Financial. The clarification comes after Senate Democrats strongly demanded a hearing, raising conflict of interest allegations regarding foreign capital inflows. An investment consortium led by a senior UAE royal reportedly reached a secret agreement to acquire a 49% stake in World Liberty Financial for about $500 million just before President Trump returned to the White House. David Warrington, White House Counsel and a legal representative for the Trump administration, also directly refuted the conflict of interest claims. Warrington stated that the president does not engage in any private business dealings that could undermine his constitutional responsibilities, dismissing the proposal for a hearing as nothing more than an ignorant or malicious political attack.

Major exchanges have seen $232 million worth of futures liquidated in the past hour. In the past 24 hours, $649 million worth of futures have been liquidated.

According to CoinNess market monitoring, BTC has fallen below $60,000. BTC is trading at $59,844.04 on the Binance USDT market.

A South Korean government delegation has met with the U.S. Securities and Exchange Commission (SEC) to discuss ways to reduce the gap in cryptocurrency regulations between the two countries, Decrypt reported. The talks focused on stablecoin regulation, security token offerings (STO), and cross-border regulatory cooperation. According to meeting minutes released by the SEC, the South Korean side indicated that its process of establishing a legislative framework for virtual assets is significantly influenced by the regulatory direction and legislative progress in the United States.

Strategy's perpetual preferred stock, STRC, has dropped below $82 to a new all-time low, BlockBeats reported. The company has consistently issued the stock near its $100 par value, using the proceeds to purchase Bitcoin. However, with the price now under $82, issuing new shares to raise capital would represent a substantial loss for the company, significantly hampering its ability to acquire more BTC.

Major exchanges have seen $105 million worth of futures liquidated in the past hour. In the past 24 hours, $424 million worth of futures have been liquidated.

Payward, the parent company of crypto exchange Kraken, has led a $20 million Series A funding round for Onyx Odds, a prediction market application for betting on sports outcomes, The Block reported. The round values Onyx Odds at $220 million, a figure reached less than two years after its launch and under a year since it exited its beta phase. The application allows users to trade the outcomes of sporting events like financial instruments on an exchange, moving beyond simple sports betting.