The world of cryptocurrency moves fast — new developments emerge daily, shaping markets, regulations, and investor sentiment. Whether you're a seasoned trader or just getting started, staying informed is essential. This digest breaks down the most important crypto news today, from market shifts to regulatory milestones and regional trends that could influence the global landscape.
Market Movements: Why Is Crypto Down Today?
The global cryptocurrency market cap has dipped nearly 1% today, settling around $2.69 trillion. While not a dramatic drop, the slight downturn reflects cautious investor behavior amid ongoing macroeconomic uncertainty and shifting ETF dynamics.
Among the top 100 cryptocurrencies, most are in the red. Lido DAO (LDO) saw the steepest decline, falling 6.6% to $2.45, followed closely by **JasmyCoin (JASMY)**, which dropped 6% to $0.02625. These losses suggest short-term profit-taking or sentiment cooling after recent rallies.
On the flip side, bullish momentum is visible in select altcoins. Celestia (TIA) surged nearly 10%, now trading at $10.05, making it the top gainer in the mid-cap segment. Close behind is **Bitget Token (BGB)**, up 9.8% to $1.23 — a sign of growing confidence in exchange-native tokens amid increased platform activity.
Among the largest assets by market capitalization, only Solana (SOL) posted gains, rising 1% to $167. Meanwhile, **Ethereum (ETH)** and **Lido Staked Ether (STETH)** fell 1.3% to $3,863, reflecting broader resistance in the smart contract sector. Bitcoin dipped 0.9% to $67,991, maintaining its position just below the $68K psychological level.
👉 Discover how institutional adoption is reshaping crypto market trends.
Despite short-term volatility, long-term signals remain strong. Michael Saylor of MicroStrategy recently highlighted a milestone: over 1 million BTC are now held in spot Bitcoin ETFs — equivalent to one "Nakamoto." This marks a pivotal shift toward mainstream acceptance and institutional custody.
However, not all ETF news is positive. Analysis from Kaiko suggests Grayscale’s upcoming spot Ethereum ETF could face significant outflows, potentially averaging $110 million per day. This projection is based on patterns seen when Grayscale’s Bitcoin Trust (GBTC) transitioned to an ETF earlier this year.
Bitwise Secures SEC Approval for First Spot Ethereum ETF
In a major development for crypto investing, Bitwise Asset Management has received key SEC approval for its spot Ethereum ETF filing with the New York Stock Exchange. While the fund hasn’t launched yet, this green light brings it one step closer to market entry.
The ETF will officially begin trading once the SEC declares its S-1 Registration Statement effective — a procedural step expected in the coming weeks.
According to Bitwise CIO Matt Hougan, Ethereum represents “the most exciting programmable blockchain” with use cases distinct from Bitcoin. He emphasized Ethereum’s role as a “global supercomputer” powering decentralized finance (DeFi), NFTs, and real-world applications.
“We’re much closer to offering investors professionally managed exposure to ETH in a format as familiar as stocks,” Hougan said.
Founded in 2017, Bitwise already serves tens of thousands of investors through more than 4,000 advisor teams, RIAs, and institutions. With 13 existing crypto investment products and six crypto-linked ETFs, the addition of a spot Ethereum ETF would expand its offerings to seven — reinforcing its position as a leader in regulated digital asset solutions.
This approval signals growing regulatory clarity and strengthens the pathway for additional spot crypto ETFs beyond Bitcoin and Ethereum.
China’s Crypto Market Defies Ban With Strong Underground Activity
Despite a strict two-year ban on cryptocurrency trading and mining, China remains a key player in East Asia’s digital asset ecosystem. Demand persists underground, driven by capital controls, property market declines, and appetite for alternative investments.
Bloomberg reports that Chinese citizens continue buying crypto through peer-to-peer (P2P) channels and decentralized platforms. Many use digital assets to bypass foreign exchange limits or hedge against local economic instability.
Chengyi Ong, APAC policy head at Chainalysis, notes that approximately $86 billion in crypto flowed into China during the 12 months ending June 2023. While down from pre-ban levels, this volume remains significant globally.
“Bans often fail to eliminate crypto activity — instead, they push it into informal gray markets that are harder to monitor,” Ong explained.
Recent law enforcement actions support this view. In May alone, authorities dismantled an underground bank linked to 13.8 billion yuan ($1.9 billion) in illegal transfers — highlighting both demand and enforcement challenges.
The decentralized nature of blockchain makes complete suppression difficult. As long as economic pressures persist, informal crypto networks will likely thrive — even under restrictive regimes.
XRP Healthcare Halts Token Swap to Preserve Scarcity
In project-specific news, XRP Healthcare announced it will discontinue its XRP-to-XRPH token swap facility on June 7 or earlier if supply runs out.
The move aims to protect the scarcity and long-term value of XRPH, which has a fixed supply of 100 million tokens. The issuing account has been blackholed — meaning no more tokens can ever be created.
CEO Kain Roomes stated the decision ensures “long-term integrity” of the token economy:
“By blackholing the issuing account, we align with best practices in crypto to maintain value for our users.”
Business Development Officer Laban Roomes added that decreasing availability will increase XRPH’s scarcity over time — potentially boosting utility and demand.
The company continues promoting its Prescription Savings Card app, available on iOS and Android. Users can save up to 80% on medications at over 68,000 pharmacies — including Walmart, CVS, and Walgreens — by spending just $1 worth of XRPH per transaction.
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Frequently Asked Questions (FAQ)
Q: What caused the recent dip in crypto prices?
A: The slight market downturn is likely due to profit-taking after recent gains, combined with cautious sentiment ahead of potential Ethereum ETF outflows and macroeconomic factors like interest rate uncertainty.
Q: Is the Bitwise Ethereum ETF available yet?
A: Not yet. The NYSE filing has been approved, but trading will begin only after the SEC declares the S-1 Registration Statement effective.
Q: How can people in China still use crypto despite the ban?
A: Through peer-to-peer transactions, decentralized exchanges (DEXs), and informal networks like underground banks — though these carry higher risks.
Q: Why did XRP Healthcare stop the token swap?
A: To preserve the limited supply of XRPH tokens and enhance long-term value by preventing further issuance.
Q: What does “blackholing” a token mean?
A: It means sending the control keys to an inaccessible wallet, making future minting impossible — a common practice to ensure token scarcity.
Q: Are spot Ethereum ETFs expected to perform like Bitcoin ETFs?
A: Early analysis suggests differences — particularly with Grayscale’s ETH trust potentially seeing daily outflows, unlike BTC’s net inflows.
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