Bitcoin BTC$60,053.43 dropped to the $60,000 area on Wednesday for the second time this month, continuing its poor price action in the face of risk market rallies elsewhere.
Also continuing to lose ground on Wednesday were gold and oil, each falling below key levels — gold $4,000 per ounce and oil $70 per barrel.
The declines in crypto, precious metals, and oil came as tech stocks rebounded following Tuesday’s modest one-day slump, with the AI trade continuing to draw investor interest and dollars.
South Korean memory chip giant SK Hynix on Wednesday filed to raise nearly $30 billion in a U.S. share offering, in what would be the overseas company capital raise since Saudi Aramco’s mammoth $26 billion sale in 2019.
The Nasdaq at midday Wednesday was up 0.8% against bitcoin’s 3.2% slump.
Bitcoin has lost the plot
Billionaire hedge fund manager Philippe Laffont succinctly summed up investor sentiment Tuesday, telling CNBC he has become “a little bit more worried” about bitcoin’s future, arguing that investors now have a wider range of opportunities to choose from than in previous years.
Solana (CRYPTO: $SOL) has formed a bearish chart pattern, indicating that more price declines could be in store for the cryptocurrency.
Specifically, SOL has formed a negative double-top pattern after failing twice to break above resistance at $75 U.S.
Analysts say that weakening network activity and risk-off sentiment among investors is keeping Solana’s price down.
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SOL is trading at $68.40 U.S. early on June 24. That’s down from a high of $75 U.S. reached last week.
Reduced activity across the Solana ecosystem has added pressure to the digital asset’s price, with decentralized exchange volumes and network fee generation falling.
At the same time, macro conditions remain unfavorable for risk assets such as crypto.
Expectations that the U.S. Federal Reserve will raise interest rates in coming months has strengthened the U.S. dollar and weighed on speculative assets such as Solana.
Charts show that Solana is on the cusp of forming a bearish double-top structure with a peak of $75 U.S. reached on June 16.
A neckline formed around $68 U.S., and SOL’s price has now broken below that support level.
The chart pattern implies 12% downside from current levels for Solana, with the price possibly falling all the way to $60 U.S.
Additionally, momentum indicators remain weak for Solana, with its Relative Strength Index (RSI) hovering near 42 and remaining below its trend line.
It all adds up to more downside risk for SOL, say analysts, some of whom are urging investors to wait to buy the digital asset at a more favourable price.
In a surprising turn of events, BlackRock’s Michael Gates has taken to social media to talk about Bitcoin [BTC]. He discussed that Bitcoin’s position in portfolios has changed and how it could be seen as a “complementary diversifier.”
Gates said,
For decades, investors have relied on traditional assets, stocks for growth, bonds for stability. But just how much Bitcoin exposure belongs in a portfolio?
The BlackRock Investment Institute has found that a modest allocation [1-2%] could potentially have an impact on portfolio returns without dominating day-to-day risk.
BlackRock knows why crypto is facing a downturn
Meanwhile, BlackRock’s Managing Director Robbie Mitchnick asserted that the recent underperformance of Bitcoin is primarily due to a larger capital rotation toward artificial intelligence.
According to him, the trend goes beyond cryptocurrency because, while AI-related businesses continue to draw significant funding, investor interest in gold, precious metals, and other non-AI assets has also decreased.
All of this occurs as the cumulative ETFs experience outflows due to massive withdrawls from the Bitcoin ETF and Ethereum [ETH] ETF.
Mitchnick too belives that the reason for the shift from cryptocurrency to AI is becaue of the sharp decline in the price of Bitcoin from its late 2025 highs and the ongoing withdrawals from ETFs.
Mitchnick, however, thinks that the current climate is only temporary and that macroeconomic considerations could change things for good for Bitcoin.
BlackRock’s other initiative
All of this coincides with BlackRock’s announcement of the iShares Bitcoin Premium Income ETF [BITA], a new exchange-traded product based on the company’s spot Bitcoin infrastructure.
As opposed to BlackRock’s IBIT, which mainly monitors changes in the price of bitcoin, BITA combines exposure to the cryptocurrency with a covered-call strategy intended to provide investors with monthly option premiums.
Final Summary
BlackRock’s suggestion for having a small 1–2% Bitcoin allocation in this bearish market is raising concerns.
However, Mitchnick understands how AI is the reason behind the shift from crypto to AI.
This story is based on an interview with Jessica C. Guthrie, 38, a full-time carer and caregiving consultant from Fredericksburg, Virginia. It has been edited for length and clarity.
In 2013, we noticed that my mom, a teacher’s aide, was getting a little confused about things at the school she’d had no problem with before.
She had always been very routine, very structured, but she started repeating herself and getting lost in familiar places like the pharmacy or grocery store.
The following year, she was involved in a major collision in her car on the way to church. She was unaware. There were also episodes of anxiety about going to work and being around other people.
I’d call Mom, and she’d start asking the same questions over and over. She would always try to hide it by saying, “Oh, I was just testing you and making sure you were following along.”
She knew something was changing in her brain and wanted to save face.
I was working for Teach America in Dallas at the time and felt awful about being more than 1,700 miles away. She wasn’t herself, forgetting to eat and pay the bills.
At first, Mom was independent
Her brother, a physician, persuaded her to undergo a basic evaluation at a memory clinic. She ended up having brain scans and other tests and, in September 2014, was diagnosed with early-onset Alzheimer’s Disease.
She was only 65.
Still, she was pretty independent and comfortable in her own home. During my first visit after her diagnosis, I put systems in place to remind her who she was and help keep her occupied.
Guthrie and her mom are very close.
Courtesy of Jessica C. Guthrie
I prepped meals for the freezer, organized her medications, and, over the next five years, flew back and forth between Texas and her home.
Her condition got worse. In 2019, I walked into her room and saw how grateful she was to have me back home. I moved to Fredericksburg permanently and worked remotely.
I got to see my mom’s personality again, her laugh, and her smile. But by 2022, she was no longer mobile or able to sit up in bed.
It was a pivotal point because her Alzheimer’s shifted from being just cognitive changes to physical challenges. I was worried about her falling, so I installed grab bars in the hallway.
I was burned out
She started losing her words and lost a significant amount of weight. We were using a Hoyer Lift to get her from point A to point B, and I began feeding her.
I felt that I couldn’t keep working and be present for my mom. I went on six weeks of family leave, plus a four-week sabbatical.
My time away made me realize I was burned out. My job was vice president and chief program officer. Managing a team while dealing with the emotions and practical experiences of caring for Mom was too much.
“I’m important, but not that important,” I thought. “This job isn’t going to fulfill you, and you’ll regret not being there for Mom.”
I left the nonprofit in 2023 after 11 years.
Guthrie with her mom when she was a little girl.
Courtesy of Jessica Guthrie
One big thing was the financial side. I learned very quickly about the cost of carers. Leveraging a care support person or care companion costs at least $25 an hour, and I could only afford four hours a day.
A decent memory care facility was beyond our budget
It got to the point when I was spending up to $3,000 a month. Then, when you tack on supplies and medical equipment, it was close to $4,000.
Mom, now 77, didn’t qualify for Medicaid or state-based aid. We fell into the messy middle with no assistance.
The cost of a decent memory care facility is between $7,000 and $10,000, which wasn’t possible on our budget. You’re left to figure it out somehow, and I stepped up.
Guthrie had to dip into her savings and retirement funds to pay bills and support her mother.
Courtesy of Jessica C. Guthrie
We get by on Mom’s Social Security, which covers her home expenses, and my savings. I had to withdraw money from my retirement fund once when things got so low that I had to make sure I could pay the bills.
I set up a consultancy, which advises and advocates for other carers, but between credit card debt, dipping into savings, and retirement accounts, it’s a huge puzzle. I am also a spokeswoman for Aeroflow Urology.
It’s been a very long process. I was 26 when Mom was diagnosed, and I never thought I’d spend nearly 12 years as a carer. But I’m deeply committed to walking my mom home, as I call her end-of-life journey, and giving her the respect and dignity she deserves.
Bitcoin peaked at $126,000 in October without reaching the Rainbow Chart’s upper red bands. Now, with BTC near $62,500, the price has fallen below the chart’s floor.
The divergence comes as other widely followed bitcoin valuation models have also struggled. The Stock-to-Flow model, which links bitcoin’s price to its programmed supply reductions, projected significantly higher prices following the 2024 halving than bitcoin ultimately achieved.
Mark Zalan, CEO of GoMining, agreed that the bottom band does not indicate a permanent collapse.
Bitcoin dead zone
“The ‘Bitcoin is Dead’ zone doesn’t mean Bitcoin is actually dead,” Zalan told CoinDesk. “Historically, it has often marked periods of extreme fear and undervaluation, which were later followed by recoveries. It signals sentiment more than certainty.”
Zalan said the chart remains useful, but “less precise than it once was.”
“The 2025 cycle showed that BTC doesn’t have to follow old patterns exactly,” Zalan said. “ETFs, institutions and changing market structure have altered the game.”
Bitcoin is trading near its April 2024 halving price, a development that runs counter to expectations for the current four-year cycle.
Levin said the chart confirms what the “cycle data has been showing us, the exponential growth assumptions baked into this chart were calibrated to a retail-driven, illiquid asset, not a $1.25 trillion market with ETF flows and institutional balance sheets setting the marginal price.”
ADES Holding, a Saudi Arabia-based oil and gas drilling services provider, has signed a deal worth SR1.07bn ($285m) to acquire Saudi Arabian Saipem in a move to expand its offshore fleet.
Saudi Arabian Saipem is a rig-owning entity and a subsidiary of the broader Saipem group. It represents the Italian contractor’s shallow-water drilling activities in Saudi Arabia.
The transaction has been executed through ADES’ indirectly owned subsidiary, ADES Saudi.
The acquisition includes five operational premium jackups, of which three are owned units, namely Perro Negro 7, Perro Negro 8 and Perro Negro 10. The remaining two – Perro Negro 11 and Perro Negro 13 – are leased units.
Currently, four of these rigs are operating in Saudi Arabia. Perro Negro 10 is operating under a charter in Mexico but retains a valid contract in Saudi Arabia.
Saipem plans to use the proceeds from the sale to support the objectives of its industrial plan.
The transaction marks another step in Saipem’s strategy to concentrate its portfolio on deepwater and harsh-environment offshore drilling, reinforcing the group’s position in higher-complexity, higher value-added segments.
Once the transaction is completed, the parties will enter into a bareboat charter agreement, enabling Saipem to continue its current operations in Mexico with the Perro Negro 10 rig and meet its existing commitments in full.
Post-acquisition, ADES’ offshore fleet will increase to 88 units, with 51 classed as premium units. Across all operations, the group’s total fleet will comprise 128 units, 88 offshore and 40 onshore.
As of the signing date, the acquisition carries an estimated backlog value of approximately SR3.8bn. The transaction is due to be funded through ADES’ existing liquidity and available financing commitments.
ADES CEO Mohamed Farouk said: “We are pleased to announce this strategic acquisition, which represents another milestone in ADES’ growth journey and further expanding our global offshore jackup fleet.
“The addition of five, high-specification premium jackups, with an average fleet age of 10.4 years, further enhances our premium asset base and supports earnings visibility, strong cash flow generation and long-term value creation.”
The acquisition will also mark ADES’ entry into Mexico and is intended to align with the company’s strategy of acquiring contracted assets to support immediate revenue and long-term backlog.
Completion of the deal remains subject to regulatory approvals and other customary conditions, with closing expected in the third quarter of 2026.
“Binance.US has a CEO, Binance.com has two co-CEOs,” he said. “They almost never talk to each other. Actually, I don’t think they ever talk to each other. So, yes, two independent teams. Binance.US does license the product and technology from Binance Global, but they have a licensing agreement.”
CZ can’t see himself running the U.S. business, he said, adding that he did not think he was the best candidate to run a U.S. platform. “It needs to be somebody local; it needs to be somebody who’s on the ground,” he said.
The other companies CZ is heavily invested in — Giggle Academy and YZi Labs — are similarly independent, he said.
This independence extends to CZ’s personal life, he said. Yi He, one of Binance’s co-CEOs, is CZ’s partner, and the two share a home in the United Arab Emirates. Despite this, CZ said they do not talk about Binance at home, and the two keep their respective work lives separate.
“To be very frank, even when I was CEO of the company, she had a lot of strategic input into the company,” he said. “She was probably giving me more instructions even when I was CEO. So now, [after] stepping down, she’s running it. Our conversations at the max would be like ‘oh two days ago the bitcoin price dropped because of this policy,’ but we don’t even talk about that anymore.”
