Alliance co-founder Imran Khan said the market previously overestimated how quickly crypto would become the next mainstream computing paradigm, arguing that artificial intelligence has largely taken on the role many expected crypto to play. According to ChainCatcher, Khan wrote on X that large amounts of capital flowed into crypto over the past decade, but a significant portion went into overbuilding rather than focusing on a small number of applications with clear advantages. He said the industry attempted to simultaneously reshape areas such as finance, social networks, and governance, and that the current market adjustment and consolidation is a natural correction after earlier overexpansion, not a sign that crypto’s core thesis has failed. Khan added that crypto’s most successful path may be to become global financial infrastructure before producing a “killer app.” He pointed to stablecoins, crypto wallets, tokenized stocks, and on-chain financial services reaching more users through digital banks and eventually serving AI agents. He said that if such infrastructure becomes widely adopted, crypto networks could become the internet’s default value settlement layer, potentially enabling broader adoption of models such as DAOs, decentralized markets, and machine-to-machine payments.

A whale used a looping loan strategy to borrow 30 million USDS from Spark by collateralizing ETH, then purchased 18,212 ETH at an average price of $1,647. According to BlockBeats On-chain Detection, the transactions occurred about 15 minutes before the monitoring update on June 7.

Iran has started drafting regulations for environmental service fees in the Strait of Hormuz, Iranian Vice President and head of the Environmental Protection Organization Shina Ansari said. According to Odaily, Ansari said an initial draft was completed in recent days, but the fee standards and specific collection mechanism have not yet been finalized.

The global cryptocurrency market cap now stands at $2.11T, down by -2.74% over the last day, according to CoinMarketCap data. Bitcoin (BTC) has been trading between $60,198 and $62,960 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $62,690, up by 2.28%. Most major cryptocurrencies by market cap are trading mixed. Market outperformers include FIDA, EDEN, and 币安人生, up by 61%, 29%, and 26%, respectively. Top stories of the day: PiggyBank Takes 15% NAV Hit After $LAB Basis Trade Hedge Unwind South Korea’s Five Largest Crypto Exchanges Report 57 Hacks and System Incidents From 2020 to April 2026 DWF Co-Founder Warns BitMine and Strategy Could Trigger the Biggest Market Crash in Crypto History Grayscale Files S-1 With SEC to Launch Spot ETF for Canton Token CC Bitmine Chair Tom Lee Says Stock Bull Market Remains Intact, Calls Crypto Key to Tokenization DFG CEO rejects Tom Lee’s $250,000 ether call, doubles down on bitcoin Market News: The Biggest Oil Supply Shock in History Didn't Send Prices to $200 — Here's Why, and Why That May Not Last U.S. and Iran Exchange Fresh Strikes Overnight as Peace Deal Stalls — Hormuz Remains Closed, Oil Above $90 Memecoin News: Dogecoin and Shiba Inu Dive 9% as Bitcoin Tests $60,000 — Memecoins Lead the Risk-Off Exodus Cardano Falls to Four-Year Low at $0.16 as Hoskinson Steps Back and Ecosystem Faces a "Wave of Failures" Warning Bitcoin News: Bitcoin Bounces Back Above $60K After Flash Crash to $59,227 — But $1.6 Billion in Liquidations and the Worst Crypto Week in Two Years Leave Markets Fragile Market movers: ETH: $1641.63 (+3.47%) BNB: $596.64 (+2.51%) XRP: $1.1611 (+5.32%) SOL: $65.81 (+3.59%) TRX: $0.3286 (+2.59%) DOGE: $0.08569 (+3.90%) U: $1.0004 (-0.01%) XAUT: $4311.45 (+0.43%) WBTC: $62533.27 (+2.32%) ZEC: $402.5 (+6.55%) Top gainers on Binance: FIDA/USDT (+61%) EDEN/USDT (+29%) 币安人生/USDT (+26%)

DCG founder and CEO Barry Silbert said some people in the crypto community may continue to mock Zcash (ZEC) for falling back to its level from six weeks ago, but he urged them to focus on lessons learned and preparation for future risks from AI and quantum computing. According to Odaily, Silbert wrote on X that crypto projects should prioritize strengthening their technical architecture rather than concentrating on short-term price fluctuations. He said projects should improve their systems in advance to address potential security challenges posed by AI and quantum computing.

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