Weekly Recap | CLARITY Act Added to U.S. Senate Legislative Calendar, South Korea to Remove Mandator
2026.06.08
Weekly Review (June 1 – June 7)
Last week, the crypto market experienced sharp volatility, with total market capitalization shrinking by nearly $300 billion. Bitcoin briefly fell below the $60,000 mark, reaching a recent low before staging a technical rebound as market sentiment improved. Strong U.S. nonfarm payroll data for May intensified concerns over tighter liquidity conditions, while rising geopolitical tensions in the Middle East further fueled risk-off sentiment. U.S. spot Bitcoin ETFs continued to record net outflows, suggesting weaker institutional buying interest at lower price levels.
This week, the crypto market remains in a broad consolidation phase with persistent short-term downside pressure. Market participants are expected to continue battling within the $60,000–$63,000 range, while the broader trend remains one of long-term consolidation and adjustment. Bitcoin is currently seeking support above $62,000, with future price action heavily dependent on upcoming macroeconomic data releases.
This report provides a quick overview of the key developments from the past week and highlights major events to watch in the week ahead.
Market Pulse
- Anthropic confidentially submitted a draft S-1 registration statement to the U.S. SEC.
- Charles Schwab plans to launch spot cryptocurrency trading services for financial advisors by 2027.
- Strive disclosed the purchase of 2,500 BTC between May 23 and June 1, bringing total holdings to 19,000 BTC.
- Monthly inflows into crypto treasury companies fell to $180 million, the lowest level since October 2024.
- Monthly crypto venture capital deal activity dropped to its lowest level in five years.
- JPMorgan, Citigroup, and other major U.S. banks are reportedly planning a shared tokenized deposit network.
- Fidelity lowered the minimum participation threshold for retail investors in the SpaceX IPO to $2,000.
- Grayscale filed an S-1 registration statement for the proposed Grayscale Canton ETF.
Funding & M&A
A total of 5 funding and M&A transactions were announced last week, raising more than $84 million, primarily across infrastructure and DeFi sectors:
- Web3 asset management platform XEFFY raised $20 million.
- SignalPlus completed a $50 million Series B1 round at a $500 million valuation, led by HashKey Capital.
- Stablecoin payment infrastructure provider WasabiCard completed a Pre-A round, bringing total funding close to $10 million.
- Nasdaq-listed NewGenIVF made an additional $4 million strategic investment in K25.ai.
- Robinhood acquired WonderFi for $180 million, expanding into the Canadian crypto market.
- Keyrock is acquiring bankrupt crypto lending company BlockFills for approximately $3.25 million.
Policy & Compliance
- Brazil’s central bank will require crypto service providers to undergo financial audits.
- The U.S. CLARITY Act has been added to the Senate legislative calendar.
- The Hong Kong Monetary Authority established a tokenized bond expert group.
- South Korea will remove mandatory reporting requirements for crypto asset transfers exceeding KRW 10 million, allowing exchanges to manage related risks independently.
- The UK FCA added Hyperliquid and the Hyper Foundation to its list of unauthorized firms.
- Market-implied probability of a Federal Reserve rate hike in December rose to 63%.
Echobit Highlights
- Echobit Trade & Get Rewards campaign continued.
- Echobit June Futures Trading Competition officially launched.
- Echobit Words Search Puzzle Challenge went live.
- Echobit Roll The Dice interactive challenge launched.
- Echobit VIP Activity Zone was introduced.
- Echobit BTC Price Prediction campaign launched.
- Echobit Guess The Word Challenge went live.
Next Week Preview (June 8 – June 14)
- CME Group will launch Nasdaq Crypto Index Futures on June 8.
- Polymarket will upgrade its deposit wallet architecture starting June 8.
- Apple WWDC 2026 will take place from June 8–12, focusing on AI and developer tools.
- Ondo Perps, the perpetual futures platform under Ondo, will launch on June 9.
- Starknet plans to deploy testnet version v0.14.3 on June 9.
- The U.S. will release May CPI, Core CPI, and inflation data.
- The FIFA World Cup will kick off on June 12.
- SpaceX shares are expected to begin trading on June 12.
Echobit will continue tracking global crypto developments, focusing on market movements, regulatory trends, and investment opportunities to help users stay ahead through every market cycle.