Coinbase Opposes $1 Billion Lawsuit Over WBTC Delisting by Bit Global
Coinbase has thrown a legal argument against a lawsuit from Bit Global Digital Limited, which aims to overturn Coinbase’s choice to drop wrapped bitcoin (WBTC) from its exchange. Coinbase Defends Its Decision to Delist WBTC In a court filing submitted on Tuesday, Coinbase defended its action…
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Coinbase has thrown a legal argument against a lawsuit from Bit Global Digital Limited, which aims to overturn Coinbase’s choice to drop wrapped bitcoin (WBTC) from its exchange. Coinbase Defends Its Decision to Delist WBTC In a court filing submitted on Tuesday, Coinbase defended its action… Read More
Markets U.S. job growth blows past forecasts, setting stage for Fed rate hikes Bitcoin is now facing another headwind — the prospect of higher interest rates. By James Van Straten, Krisztian Sandor| Edited by Stephen Alpher Jun 5, 2026, 12:57 p.m. 1 min read Make preferred on Share Share this article Copy link X icon
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U.S. job growth blows past forecasts, setting stage for Fed rate hikes
Bitcoin is now facing another headwind — the prospect of higher interest rates.
By James Van Straten, Krisztian Sandor|Edited by Stephen Alpher
Jun 5, 2026, 12:57 p.m.
1 min read
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Summary
The U.S. economy added 172,000 jobs in May, more than double economist forecasts of 85,000.
The unemployment rate came in at 4.3%, in line with expectations.
Bitcoin remained lower for the session at $61,900 following the report.
The U.S. economy added 172,000 jobs in May, nearly double economists’ expectations, strengthening the case for Federal Reserve rate hikes this year.
The unemployment rate held steady at 4.3%, according to data released Friday by the Bureau of Labor Statistics.
Bitcoin BTC$65,166.20 remained under pressure following the report, trading below $62,000 as the broader crypto market nursed steep overnight declines.
The 10-year Treasury yield jumped to 4.52% following the report. U.S. equity index futures were also lower, the Nasdaq 100 index down 1.2%. Oil prices edged modestly lower at $94 per barrel, while gold slid 1.1% to around $4,400 per ounce.
Recent economic data continue to point to a resilient U.S. economy this week. Both the ISM Manufacturing PMI and ISM Services PMI came in above expectations and remained in expansionary territory.
U.S. equities have had an incredibly strong run, with the S&P 500 about to post gains for 10 consecutive weeks and rising roughly 10% year-to-date. However, some exuberance has faded from the semiconductor sector following Broadcom’s earnings report, which disappointed investors with a weaker-than-expected outlook for AI-related chip demand.
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Why it matters:
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Bitcoin ETFs post third straight weekly inflows despite $465 million in late-week losses
Apyx’s apxUSD fell below its dollar reference on June 4 as Bitcoin traded near $63,000, putting DeFi dollar peg risk back in focus. A Bitget report said the token briefly touched $0.93 during the selloff. The report framed Apyx’s response as a design point: apxUSD’s reserve risk is largely borne by Strategy’s STRC preferred stock…
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Apyx’s apxUSD fell below its dollar reference on June 4 as Bitcoin traded near $63,000, putting DeFi dollar peg risk back in focus. A Bitget report said the token briefly touched $0.93 during the selloff. The report framed Apyx’s response as a design point: apxUSD’s reserve risk is largely borne by Strategy’s STRC preferred stock… Read More
Crypto Daybook Americas Bitcoin sentiment hit peak bearishness at recent lows, peak bullishness near tops Your day-ahead look for June 5, 2026 By Shaurya Malwa| Edited by Sheldon Reback Jun 5, 2026, 11:25 a.m. 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred
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Crypto Daybook Americas
Bitcoin sentiment hit peak bearishness at recent lows, peak bullishness near tops
Your day-ahead look for June 5, 2026
By Shaurya Malwa|Edited by Sheldon Reback
Jun 5, 2026, 11:25 a.m.
3 min read
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Summary
This is an excerpt from CoinDesk newsletter ‘Daybook.’Sign up here, if you haven’t already.
In recent weeks, bitcoin BTC$65,166.20 sentiment has been most bullish when the price was highest and most bearish exactly when it was most stressed, according to Santiment data covering May 21 through June 4.
Peak bullishness hit on May 22, with bitcoin near its high of $78,000 for the period. The most bearish came June 3, with bitcoin near the low. While sentiment is not a timing tool, peak conviction at the highs and peak fear at the lows is the inverse of where the trade usually pays.
Bitcoin was recently trading near $62,400, down about 20% from the late-May peak. The risk picture has cracked alongside it.
The investments into artificial intelligence (AI) companies that pulled global equities to record highs this year has stalled after Broadcom’s chip forecast fell short of expectations. South Korea’s KOSPI index fell 4.7%, and the won and Indonesia’s rupiah are at multiyear lows as capital flees emerging Asia.
U.S. spot bitcoin ETFs ended a 13-day, $4.4 billion outflow streak on Thursday with a tiny $3.05 million inflow. Spot ether ETFs ended their parallel 17-session streak with $19.30 million on the same day. Both numbers are too small relative to the streaks they ended to call it a regime change.
Friday’s U.S. nonfarm payrolls report at 8:30 a.m. ET is the binary catalyst. A soft print revives Federal Reserve interest-rate cut expectations under new Chair Kevin Warsh and likely takes risk assets back up, while a hot print may extend the unwind.
And keep an eye on how bitcoin behaves at the $60,000 round number if it gets tested before the data lands. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
What’s trending
Zcash plummets 38% as Shielded Labs reveals a major bug that went undetected for four years (CoinDesk): Shielded Labs published a detailed disclosure on X, revealing a now-plugged vulnerability that, if exploited, could have allowed an attacker to create an unlimited number of counterfeit ZEC tokens, completely undetected.
JPMorgan, Bank of America, Citi to start blockchain offensive with shared tokenized network (CoinDesk): America’s biggest banks plan to build a shared, tokenized deposit network by the first half of 2027 to protect their deposits from the threat posed by stablecoins.
Bitcoin and ether ETFs end record multi-billion outflow streak (CoinDesk): U.S. spot bitcoin ETFs pulled $3.05 million in net inflows on Wednesday after 13 straight sessions of redemptions totaling roughly $4.4 billion, while ether ETFs ended a 17-day outflow streak with $19.30 million entirely into BlackRock’s ETHA.
U.S. and Iran show little progress in talks after week of clashes (Bloomberg): The U.S. and Iran have made little progress in talks over an interim peace deal this week, with both sides seeing their worst clashes since an April ceasefire began and fighting continuing in Lebanon.
Today’s signal
The chart shows weekly changes in bitcoin’s market capitalization relative to an index of altcoins that excludes the 10 largest tokens.
Bitcoin has underperformed for several weeks as the altcoin measure became stronger, and the ratio recently tested a resistance level that has persisted for over a year.
If declines in zcash, hyperliquid and near continue, the chances are that it will drop further back.
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Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
By CoinDesk Research
Jul 22, 2026
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
View Full Report
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