Crypto Downtrend Continues as "Whale" is Forced to Sell Again

On June 5, Nasdaq 100 Index futures extended losses to 1.5%. Additionally, leading AI tech stocks traded lower pre-market, with MRVL down 4.83%, AVGO off 2.72% and AAOI sliding 5.56%.

June 5 — Reuters: Two well-placed Greek government officials tell the outlet that Greece’s Ministry of Finance is drafting legislation to impose a 15% capital gains tax on cryptocurrency, with the bill on track to be sent to parliament for approval in the coming months. Under the plan, up to €500 in gains per individual taxpayer will be tax-free. Personal mining operations will not be taxed, but mining companies registered as formal businesses will face the levy. Currently, Greece lacks a comprehensive tax structure for cryptocurrencies, and tax rates across EU nations vary dramatically — from 8% in Cyprus to 30% in France. Officials add that since most Greek crypto investors use overseas platforms, it’s hard to gauge the size of the country’s domestic crypto market, and no specific tax revenue projections have been released.

June 5. According to the official U.S. Congress website, the full text of the U.S. House of Representatives’ American Reserve Modernization Act (ARMA, H.R. 8957) has been released. Introduced on May 21 by Alaska Representative Nicholas Begich, the bill is now before the House Committee on Financial Services for review. Core provisions of the legislation include: integrating Bitcoin seized through criminal or civil asset forfeiture into a strategic Bitcoin reserve overseen by the U.S. Treasury Department, with a mandatory 20-year minimum holding period during which the assets cannot be sold, traded, or otherwise disposed of; establishing a quarterly reserve attestation requirement paired with third-party independent audits; and allowing U.S. states to voluntarily hold their own Bitcoin in separate accounts at the Federal Reserve. Looking ahead, the bill directs the Treasury and Commerce Departments to jointly develop a budget-neutral path to increase federal Bitcoin holdings within 18

June 5 – White House National Economic Council Director Kevin Hassett maintains the Federal Reserve should avoid raising interest rates and may still have room to cut rates, even after stronger-than-expected non-farm payroll data hit the wires. Hassett noted, “The Fed has consistently been behind the curve, and there’s still ample room for rate cuts.”

June 5, Fed "Whisperer" Nick Timiraos published a commentary on the latest nonfarm payroll data, indicating that this spring’s hiring spree has regained momentum. This development gives Fed officials focused on inflation further justification: they contend current low interest rates aren’t enough to contain upward price pressures. While the jobs report won’t fully settle the debate over how many more interest rate hikes the Fed might approve later this year, it does reinforce the view that the case for a near-term rate cut has largely faded.

June 5: U.S. Central Command denies reports of Iranian attacks on or firing at U.S. Navy ships, stating U.S. forces continue enforcing a naval blockade. Earlier, Iran’s navy claimed it launched missiles and drones at a U.S. destroyer in the Gulf of Oman, describing the action as a warning shot.