BTC Below $60K | Crypto Catch Up | May 31 – June 6, 2026

Bitcoin has broken key technical thresholds, erasing a massive chapter of historical gains, while decentralized prediction markets face severe domestic police investigations and major industry figures are called out over exit liquidity concerns.

Here are the crypto news you may have missed:

📉 Macro & Market Capitulation

Bitcoin Breaks Below $60K, Erasing Post-Election Gains

Bitcoin plunged more than 16% over the last month, officially falling below the $60,000 mark. The correction effectively erases all gains recorded since the Trump reelection and represents a 50% drop from its all-time high of $126,000 in October 2025.

Market strategists note that Bitcoin has temporarily lost its momentum-trade appeal, with capital actively rotating back into gold, physical commodities, and hot equity IPOs.

Glassnode Co-Founder Maps the Bottom Range

Despite the bleeding, Glassnode co-founder Rafael highlighted a sliver of long-term optimism. According to cycle valuation data (CVDD and Realized Price metrics), Bitcoin has entered a historical value zone where macro bottoms are formed. Rafael noted that a higher-probability bottom range lies between $46,000 and $54,000, warning that an extreme macro capitulation scenario could briefly test support between $35,000 and $40,000.

🛑 Prediction Markets Under Fire

South Korean Police Target Polymarket Users for “Illegal Gambling”

Following recent network blocks in Spain and Indonesia, Polymarket is now facing criminal enforcement. The Gangwon Provincial Police Agency in South Korea has launched a formal investigation into domestic platform users on suspicion of illegal gambling.

Under Article 246 of the South Korean Criminal Act, wagering on any platform other than the state-approved Sports Toto is strictly illegal. Users caught betting on the platform’s massive multi-billion won pools for South Korea’s June 3 local elections could face fines of up to 10 million won.

Polymarket CMO Exposed Over Shadow Influencer Payments

A report by Politico revealed that Polymarket CMO Matthew Modabber transferred over $2.5 million via a personal PayPal account to more than 800 recipients between early 2025 and February 2026. Roughly $350,000 was funneled to content creators and influencers who posted about the platform nearly 500 times on X without clear sponsorship disclosures.

🚀 The Tokenized Real-World Asset (RWA) Boom

Bybit Launches Tokenized SpaceX IPO Subscription

Bybit debuted its “IPO Express” product. In partnership with xStocks, the exchange is enabling users to subscribe to a tokenized version of SpaceX’s massive $75 billion IPO. The subscription runs from June 7 to June 11, 2026, with the tokenized shares trading spot on Bybit on June 12—fully backed 1:1 by xStocks issuers.

The Geopolitical Catch: Due to strict U.S. export controls on critical aerospace technology, underwriters have barred all investors located in Mainland China and Hong Kong (including elite private banking clients) from participating in the SpaceX subscription.

First Crypto-Collateralized Fannie Mae Mortgage

Coinbase, alongside digital lender Better, has successfully processed the first-ever United States mortgage backed by Fannie Mae and collateralized by Bitcoin. The product allows home buyers to lock in their digital assets as a down payment security buffer without triggering a taxable liquidation event, with a nationwide rollout scheduled for this summer.

🕵️ On-Chain Integrity & Controversy

ZachXBT Calls Out Arthur Hayes Over “Follower Exit Liquidity”

Famed on-chain sleuth ZachXBT publicly clashed with BitMEX co-founder Arthur Hayes. ZachXBT pointed out that Hayes aggressively liquidated his Worldcoin (WLD) holdings immediately after making highly bullish public statements about the token. Analysts noted a similar liquidation pattern across Hayes’ NEAR, HYPE, and ZEC positions between June 4 and June 6. ZachXBT directly asked Hayes how much “exit liquidity” he generated off his followers, to which Hayes simply replied that he made the right decision based on his personal trading objectives.

JuCoin Withdrawal Delays Trigger Insolvency Scares

ZachXBT also sounded the alarm on crypto exchange JuCoin, following widespread user complaints regarding severe withdrawal delays. He cast doubt on JuCoin’s self-reported $511 million reserves, revealing that the vast majority of its assets are comprised of native USDC and USDT issued on its internal “JuChain”, lacking verifiable external banking backing. JuCoin maintains the delays are due to system upgrades.

💡 Infrastructure & Ecosystem Updates

• Hoskinson Warns of Cardano DeFi Collapse: Cardano founder Charles Hoskinson warned the community to prepare for additional DeFi protocol shutdowns in late 2026, following the closure of ecosystem tool TapTools. Hoskinson floated a radical “proof-of-burn” mechanism to completely reset Cardano’s tokenomics.
• Travala Launches Gasless AI Bookings on Base: Travel giant Travala launched an agentic AI travel protocol on Coinbase’s Base network. The system allows autonomous AI bots to search and book over 2.2 million hotels globally using gasless USDC payments via the x402 standard, dropping transaction costs to $0.01 per booking.
• DOJ Task Force Freezes $3.8M: The U.S. DOJ, with technical tracking help from Coinbase, SpaceX, Meta, and Apple, successfully disrupted and froze $3.8 million belonging to Southeast Asian “pig-butchering” fraud syndicates.

Weekly Global Summary

This article is published on BitPinas: BTC Below $60K | Crypto Catch Up | May 31 – June 6, 2026

What else is happening in Crypto Philippines and beyond?