Bitcoin fell below $60,000 for the first time since October 2024 on Friday, hitting a low of $59,227 before recovering to around $63,000 as dip buyers stepped in. Over $1.6 billion in liquidations occurred as altcoins saw double-digit losses. Drivers include a strong jobs report prompting rate hike repricing, an AI capital vacuum draining crypto liquidity, and Strategy's first Bitcoin sale in four years shattering the 'never sell' narrative. Despite the selloff, signs of hope remain: gold trading below its 200-day moving average could trigger a BTC rotation. Separately, Zcash surged 45% after proposing the Ironwood upgrade to restore independent verification capabilities following a four-year counterfeiting vulnerability disclosure. The upgrade includes formal verification and audits. SpaceX is set for its IPO on June 12 at $135 per share, targeting a $75 billion raise, which many cite as a factor in the current crypto selloff. Congress has introduced seven crypto tax bills covering de minimis exemptions, staking and mining tax clarity, stablecoin treatment, wash sale rules, mark-to-market accounting, IRS safe harbor, and charitable donation relief, with hearings this week.

Key facts

• Bitcoin fell to $59,227 before recovering to $63k; $1.6B liquidated.
• AI capital vacuum and Strategy's BTC sale cited as selloff drivers.
• Zcash surged 45% after Ironwood upgrade proposal to fix verification.
• SpaceX IPO on June 12 at $135/share, raises $75B.
• Congress introduces 7 crypto tax bills covering key industry issues.

KeyAudit data perspective