Crypto Markets Erase $120B as Bitcoin Tanks to $58K Amid Growing Strategy FUD: Weekly Recap

It was another paiful weeks for the crypto bulls but the worst might still not be over.

Although there are still some days left in June, the month has turned out to be one of the worst for the entire cryptocurrency market in recent history.

Before we explore what took place in the past week alone, let’s rewind the clocks to last Friday when the most significant news came from the new Fed Chair Kevin Warsh, who continued Powell’s policy of maintaining the interest rates unchanged and had a hawkish conference after the FOMC meeting. In addition, the promised deal between the US and Iran failed as both parties have yet to reach a permanent agreement.

Bitcoin reacted with a nosedive from $67,200 to $63,000. Although the bulls managed to defend that level and even push the cryptocurrency to $65,500 on Monday, the real trouble was just ahead.

BTC was quickly and violently rejected there and dropped by over three grand in hours. Its recovery attempt was halted at $63,000, and the bears initiated another leg down on Wednesday, taking the asset south to $59,000, which became a new multi-year low. Bitcoin reacted well at first and quickly rebounded to $62,000, but that turned out to be a dead-cat bounce.

The bears were even more persistent during the next phase of the correction, driving the asset down to $58,000 for the first time since October 2024. That support level has held for now, and BTC has recovered some ground, but still remains below $60,000 as the overall market uncertainty continues. This is particularly true for Michael Saylor’s Strategy, but more on that a bit later.

The weekly chart below will paint a clear picture, as red dominates almost all charts. BTC is down over 5%, while ETH and XRP have bled 8.5% and HYPE 7%. DOGE, ZEC, ADA, and XLM have plummeted by double digits. The only notable exceptions are RAIN (8%) and AAVE (20.5%) in the green. The total crypto market cap is down by over $120 billion weekly.

Market Data

Market Cap: $2.14T | 24H Vol: $99B | BTC Dominance: 55.6%

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BTC: $59,555 (-5.1%) | ETH: $1,560 (-8.5%) | XRP: $1.04 (-8.5%)

This Week’s Crypto Headlines You Can’t Miss

Saylor Should Stop Buying Bitcoin, Says CryptoQuant. As mentioned above, Strategy continues to be the main talk in crypto, with CQ urging the firm to halt its BTC buying spree in favor of rebuilding its USD reserve. The company indeed followed a similar philosophy over the past week, buying just $35 million in BTC while increasing its USD reserve by $300 million.

MSTR’s Bitcoin Per Share Gets ‘Annihilated’ in Extreme Bear Case: Analyst. Meanwhile, a popular analyst outlined the massive risks to Strategy and its stock price if BTC’s bear market extends, including a worst-case scenario for MSTR of a drop to $1. Separately, KALEO warned last week that the firm might have to sell over 50,000 BTC in the next couple of years.

Polymarket to Refund Users After Hackers Steal $3M in Frontend Attack. The team behind the popular platform confirmed on Friday that a compromised third-party vendor allowed attackers to inject malicious code into its frontend, draining $3 million from a handful of users. It promised to fully reimburse the affected customers.

Hyperliquid Responds After Appearing on Singapore’s Investor Alert List. The Monetary Authority of Singapore (MAS) added Hyperliquid to its Investor Alert List (IAL), raising concerns within the industry. However, the exchange claimed that this doesn’t necessarily constitute a regulatory violation, an enforcement action, or a ban.

Bitcoin Miners Flood Binance as Exchange Inflows Hit Four-Month High. On-chain data shared by CryptoQuant showed that BTC miners had sent massive portions of their bitcoin holdings to some exchanges, including Binance. This coincided with the asset’s violent price drop.

Bitcoin Didn’t Lose to Gold, the Rotation Story Is Wrong: Analyst. Although both assets have turned red in 2026, gold continues to take the recent market-wide correction better. However, analyst Shanaka Anslem Perera believes the rotation story from BTC to the precious metal is actually wrong.

Charts

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