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Bitcoin slide on a hawkish Fed. STRC drops to a record low
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A hawkish Fed, a signed peace deal, and a stock market that didn’t seem to care about either. Crypto had its own reaction. Here’s what happened this week:
quick weekly news
Bitcoin and Ether slide on a hawkish Fed despite Trump signing the Iran deal
Crypto fell across the board on Thursday, shrugging off a signed Iran peace deal that lifted stocks, after the Fed made clear it’s more worried about inflation than growth.
Bitcoin traded around $63,900, down 3% over 24 hours but still up 2% on the week. The selling was broad, ETH fell 3.4% to $1,733, and SOL lost 3.6% to $71. HYPE fell hardest: by 7.2% to $69, though it still sits up about 28% over the past seven days, according to goodcryptoX data.
The Fed left rates unchanged at 3.50%-3.75% as expected, but its updated projections pointed to higher inflation, a slower pace of future cuts, and some officials floating the possibility rates may still need to rise. It was the first decision under new Chairman Kevin Warsh, who said there had been rigorous internal debate and vowed to deliver price stability. A more hawkish Fed means tighter financial conditions, the kind that drain liquidity from risk assets like crypto.
Stocks took it better, helped by a separate development. S&P 500 futures rose as much as 0.9%, Nasdaq futures gained 1.5%, and Brent crude fell toward $78. Crypto didn’t catch that bid – a sign that the Fed policy for it is more important than the geopolitical relief.Source: goodcryptoX
Strategy’s STRC preferred stock drops to a record low below par
Another news that may have contributed to the BTC drop is Strategy’s STRC preferred stock closed at $89 on Wednesday, its lowest level since the instrument launched in July 2025 and about 11% below the $100 par value it’s designed to hold.Source: TradingView
STRC pays a variable dividend, currently at an effective rate of 12.9%, adjusted monthly to keep its price near par. When it trades above $100, Strategy issues new shares through an at-the-market program and uses the proceeds to buy Bitcoin. With the stock now below par, that program has been paused, removing one of the key levers the company uses to keep accumulating.
The slide also lands on an already sensitive instrument. STRC dividends were the reason Strategy sold Bitcoin for the first time since 2022, disclosing on June 1 that it had sold 32 BTC for $2.5 million in late May to fund distributions, a move that rattled a market accustomed to Michael Saylor’s no-sell pledge.
Last week, Strategy said it had grown its U.S. dollar reserve to $1.1B to cover preferred dividends and debt, while still buying 1,587 Bitcoin through common stock sales. The company holds about 846,842 BTC, roughly 4% of the total supply that will ever exist.
Binance pushes back on reports of a Greek regulatory rejection, says its EU application is compliant
Reuters reported Tuesday that Binance’s MiCA license application in Greece is set to be rejected by the Hellenic Capital Market Commission before the end-of-month deadline, a decision that could block the world’s largest crypto exchange from serving European customers.
Binance pushed back directly in an official statement, saying its understanding is that the HCMC completed its review and considered the application compliant with MiCA requirements, and that the application was also reviewed at the ESMA level.
The company said it entered the process in good faith, submitted a comprehensive application, and worked constructively with the HCMC over many months. “Binance remains committed to its European users and will continue to operate in compliance with applicable law,” the statement read, adding that the firm remains ready to operate under a fully harmonized MiCA regime and will provide a further update before June 30.
Binance has been pursuing a MiCA license for the past 18 months, choosing Greece as its jurisdiction after earlier speculation it might seek a license in Malta. Following this turn of events, Malta may now become the fallback option.
SpaceX’s $2.6T market cap is now nearly double that of Bitcoin
SpaceX has climbed more than 40% since its June 12 debut to a market cap of roughly $2.5T, making it the sixth-largest company in the world and worth nearly twice the entire Bitcoin market, which sits at around $1.2T.Source: goodcryptoX
Part of the move is a supply-side quirk. Only about 4.2% of SpaceX’s shares were available to trade on day one, meaning a small float is setting the price for the whole company.
But the narrative has grown beyond rockets. SpaceX’s February acquisition of Elon Musk’s xAI brought the Grok models and data centers with it, putting the company in direct competition with Anthropic and OpenAI, both of which are also eyeing public listings. SpaceX also announced Tuesday it has agreed to acquire AI coding startup Cursor in a deal valuing it at $60B.
The rise matters for crypto because SpaceX is drawing from the same risk budget. ARK Invest made that point explicitly earlier this week when it funded its SpaceX shares purchase by selling other holdings. When capital chases the hottest trade in the risk complex, everything else feels it.
The caution is that expectations leave little room for error. SpaceX posted a $4.94B net loss in 2025 on $18.67B in revenue and now trades at more than 130 times sales, a multiple some are calling meme-stock territory. As SpaceX remains one of the largest BTC holders, there remains a risk for the company to sell BTC to replenish its cash reserves.
Risk appetite is back, which helps Bitcoin as the high-beta member of the complex. But right now, the hottest trade is an expensive, unprofitable stock, and if it stumbles, everything around it feels the fallout.
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