BTC USD saw sharp volatility as it dipped below $63K, rebounded to $63.7K, then dumped again after fresh Iran-Israel strikes. Not helping the case, an 8% KOSPI crash triggered a circuit breaker in South Korea as the Asian stock market tumbled. Geopolitical tensions rattled global risk assets while crypto extended last week’s pain.
The Crypto Fear & Greed Index fell to 8, an extreme fear condition, the worst sentiment since 2 months. Last week alone, crypto shed $390 billion in its worst performance since the FTX collapse, with BTC USD down 17% and ETH down 22%. BTC USD briefly tested sub-$60K levels before a weekend relief rally pushed it back to $63K.
Geopolitical tension is also pushing oil higher as safe-haven flows into the dollar. Thus, BTC/USD took a hit amid fears of Japan’s BOJ’s moves.
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Strategy Hints More BTC USD Buys, Hayes Denies LookOnChain Claims, ZachXBT Cries Foul
Michael Saylor posted Strategy’s signature Bitcoin accumulation chart with the caption “a good time to add more dots,” despite their unrealized losses. The firm’s CEO, Phuong Le, backs Saylor’s remark. “Rumors otherwise are just rumors.”
Strategy continues executing its long-term plan even as public companies holding BTC as treasury assets lost $62 billion in combined market cap during the June rout.
At the same time, BitMEX co-founder Arthur Hayes denied LookOnChain reports that he rebought HYPE after a large wallet withdrawal was spotted. On-chain detective ZachXBT publicly called out Hayes for promoting then dumping HYPE, NEAR, ZEC, and WLD in quick succession, accusing him of creating exit liquidity for followers. Hayes brushed it off, saying he sells to willing buyers and shares trades openly.
The drama has fueled debates on Crypto Twitter about influencer transparency. ZachXBT also disputed separate Dubai scam claims while the timeline recapped Twitter’s drama as banks pushing onchain tokenized deposits. This happened after JPMorgan’s Dimon called Coinbase’s Armstrong full of shit.
Another drama comes from Justin Sun’s HTX. The exchange delisted Trump-backed stablecoin USD1 after World Liberty Financial froze exchange-linked wallets. HTX converted user holdings to USDT at 1:1 and suspended related pairs, escalating a public feud tied to prior sanctions and asset freezes.
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Senate Progress on Clarity Act Keeps Hope Alive
Senator Cynthia Lummis declared victory after the Clarity Act passed the committee:
“The floor is next. We did not come this far to quit at the 5-yard line.”
Lawmakers now eye a full Senate vote before summer recess, though we see trimmed passage odds slashed to 60% as the clock ticks.
However, extreme fear often precedes explosive recoveries. History shows Fear & Greed readings below 10 have frequently marked local bottoms before powerful BTC USD rallies. With corporate buyers like Strategy still committed and geopolitical noise likely to fade, the current washout could send crypto higher.
On the bullish front, institutional adoption from major banks and clearer U.S. rules will drive capital back into Bitcoin and quality assets. The BTC USD dip may prove to be the final shakeout before summer strength returns. Extreme fear at 8 is not sustainable.
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