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Bitcoin crash triggers billions in liquidations

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Bitcoin crash triggers billions in liquidations


The digital assets market, which had already been struggling for months now, is now witnessing a bloodbath after Michael Saylor’s Bitcoin (BTC) treasury firm Strategy (Nasdaq: MSTR) announced the sale of 32 BTC.

The total cryptocurrency market cap has declined from $2.57 trillion on the announcement day on June 1 to $2.38 trillion at press time. So, the crypto market has lost $190 billion this month.

Bitcoin (BTC) has dropped from $73,800 to below $67,000 during the same period. It is the cryptocurrency’s worst price range since February this year.

Similarly, Ethereum (ETH) has fallen from $2,000 to $1,870, and XRP from $1.34 to $1.23 this month.

Related: Elon Musk brings back his McDonald’s Happy Meal offer

Massive liquidations hit crypto market

As the market began to bleed, traders rushed to liquidate their positions. In the past 24 hours, 266,158 traders got liquidated as per Coinglass.

$1.50 billion in long and $233 million in short crypto positions got liquidated during the same period.

Bitcoin ($773 million), Ether ($482 million), and Solana ($88 million) remained the most liquidated crypto assets during the last 24 hours.

Trending on TheStreet Roundtable:

Crypto stocks take a hit

The Strategy (Nasdaq: MSTR) stock fell only 0.50% today to trade at $135 at press time.

Bitmine Immersion Technologies (NYSE: BMNR), the leading Ether treasury firm, however, fell nearly 4% to trade at $17.30.

The Coinbase Global (Nasdaq: COIN) stock also fell 2.5% to trade at $169.75.

Robinhood Markets (Nasdaq: HOOD) fell nearly 5% to trade at $83.90 at press time. The Circle Internet Group (NYSE: CRCL) stock similarly fell nearly 5% to trade at $95.90.

Related: Analyst cuts MicroStrategy price target by 20%

This story was originally published by TheStreet on Jun 3, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.



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Apyx’s stablecoin suffers a brief depeg. Protocol says its a feature, not bug

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moneyvests
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Apyx's stablecoin suffers a brief depeg. Protocol says its a feature, not bug


Stablecoin depegs are a recurring feature of crypto bear markets. And the latest candidate is apxUSD, the preferred equity-backed stablecoin of the Apyx protocol.

As market leader bitcoin BTC$64,040.41 fell sharply in the past 24 hours, reaching lows under $63,000 at one point, apxUSD briefly slipped to as low as 93 cents, deviating from its 1:1 dollar peg, according to CoinMarketCap.

apxUSD’s depeg. (CoinMarketCap)

The stablecoin is primarily backed by preferred equity issued by digital asset treasury firms, specifically Strategy’s STRC shares, which carry a $100 par value.

The protocol purchases those shares, collects the dividend they pay and distributes the yield to onchain holders. The reserve basket also includes short-term U.S. Treasuries and cash equivalents to ensure liquidity and reduce concentration risk.

Apyx runs a two-token system. apxUSD is the base stablecoin designed to trade at $1 and does not pay yield; holders who deposit apxUSD receive apyUSD, a yield-bearing savings token that accrues returns through dividends flowing in from the underlying preferred shares.

That said, because preferred equity makes up the majority of those reserves, the stablecoin is influenced by the volatility in the underlying shares. So, when STRC trades below its $100 par value, the market value of apxUSD’s reserves declines, leading to volatility in the stablecoin in secondary markets.

This, according to Apyx, isn’t an extraordinary development.

“This is not a bug, it is the expected behavior of a stablecoin backed by preferred equity rather than cash deposits. Holders who understand STRC’s risk profile and its history of mean-reversion should view these episodes as the asset class working through its normal cycle, not as evidence of a broken peg,” the protocol noted in a detailed X post.

It explained that its peg stability model has multiple layers to absorb stress. The preferred shares have structural features that allow issuers to raise dividend rates, which draw demand for the shares, lifting their value toward par over time.

According to Apyx, Strategy has historically used this lever. Note that STRC has traded below its par value four times since August last year, and each episode ended with prices bouncing back to $100.

Beyond that, Apyx said that it maintains collateral value in excess of the stablecoin’s circulating supply. This buffer helps absorb mark-to-market drawdowns in the backing assets before they meaningfully impact the peg.

“Users can compare the collateral position against apxUSD supply in real time through the app dashboard,” it said.

The explainer comes as market participants panicked over the brief de-peg, with some saying persistent volatility could shake investor confidence.

There were also concerns about cascading liquidations across Morpho lending markets, but Apyx said those were largely misplaced. It said that its main apyUSD/apxUSD Morpho market is driven by dividend accrual, not STRC’s spot price, which means that volatility in STRC doesn’t impact that oracle and trigger liquidations.



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‘Follow the money’ – U.S Treasury expands crypto sanctions against Iran’s Nobitex

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moneyvests
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‘Follow the money’ - U.S Treasury expands crypto sanctions against Iran's Nobitex


The U.S Treasury’s Office of Foreign Assets Control (OFAC) has expanded its so-called ‘Economic Fury’ to include Iran’s local crypto exchange Nobitex.

Additionally, the U.S will target other smaller Iranian digital asset platforms, including Wallex, Bitpin, and Ramzinex. 

According to the U.S Treasury, Nobitex facilitated 50% of all Iranian crypto inflows in 2025. Some of the funds were reportedly tied to the Iranian military and the Islamic Revolutionary Guard Corps (IRGC). These platforms helped Iran evade previous sanctions too. 

The U.S also alleged that the Central Bank of Iran used Nobitex to prop up the falling Iranian rial, the local currency. 

As a result, Chairman Amir Hossein Rad, Founder Seyed Mohammad, and CEO Sayed Ali Khoee have all been sanctioned. 

For his part, U.S. Treasury Secretary Scott Bessent said that they’ll follow the money, whether through banks or crypto, to “prevent the regime from developing a nuclear weapon.” He added, 

The regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country. Iran’s current economic chaos is proof that President Trump’s maximum pressure campaign has been a success.

U.S seized $1B of Iran’s crypto assets

The update followed last week’s revelation that the U.S has seized $1 billion worth of crypto assets reportedly tied to the Iranian government. Unsurprisingly, the extended sanctions came after Iran floated Bitcoin tolls earlier in the year. 

It is not clear how the move would impact the elusive peace deal between the two countries or with Israel. However, according to Iran’s embassy in Japan, the update is aimed at “forcing the Iranian economy to collapse” and drive people to revolt against its leadership. 

The embassy in Japan called Bessent’s framing “skewed” and added, 

In his skewed logic, circumventing these unilateral sanctions—which must be bypassed because they are illegal and inhumane—simply makes one ‘corrupt.’

U.S Treasury Iran crypto
Source: X

Crypto and Bitcoin have become a geopolitical issue during the West Asia crisis, further underscoring how far the asset class has matured over the years. 

Still, thanks to these U.S seizures, crypto’s touted non-sovereign status and its position as a hedge against geopolitical risks remains highly debated.

Final Summary

  • U.S Treasury has expanded crypto sanctions to Nobitex, Bitpin, Wallex, and Ramzinex. 
  • These platforms helped the regime evade sanctions, a position that Iran’s embassy in Japan refuted. 

 



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Live Markets: Bitcoin crashes to $62,000 as billions of longs get liquidated

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moneyvests
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Live Markets: Bitcoin crashes to $62,000 as billions of longs get liquidated

Bitcoin (BTC) staged a sharp recovery Wednesday, climbing back to the $64,000 level after an early Asian session sell-off that briefly pushed the cryptocurrency below its 200-week simple moving average at $61,845.

The move fits the profile of a classic oversold bounce. On the daily chart, the Relative Strength Index (RSI) dropped below 30 on Tuesday, a reading that typically signals oversold conditions and often precedes short-term relief rallies. Intraday timeframes showed similar oversold RSI readings when bitcoin slipped below $62,000 earlier in the session.

While the rebound has provided some breathing room for bulls, the broader technical picture remains cautious. Widely followed momentum indicators, including the 50-, 100-, and 200-hour moving averages, continue to trend lower, pointing to an underlying bearish bias in the near term.

It remains to be seen whether this bounce can evolve into a sustained recovery rally or if it will prove to be nothing more than a temporary oversold relief in an ongoing downtrend.

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What is an FHA loan? Requirements, rates and more

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moneyvests
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What is an FHA loan? Requirements, rates and more


FHA loans are government-backed mortgage loans with more lenient buyer requirements than conventional loans, providing a viable option for first-time homebuyers or those with lower credit scores. These loans can make homeownership more attainable, although they do require borrowers to pay mortgage insurance premiums (MIPs), regardless of down payment amount.

Key takeaways

  • Because they’re insured by the federal government, FHA loans help lenders provide mortgages to low-credit score borrowers or others who wouldn’t qualify for conventional loans.

  • In 2026, the maximum loan amount the FHA will insure for single-family homes in most U.S. counties is $541,287.

  • All FHA home buyers are required to pay mortgage insurance premiums (MIPs), regardless of the amount of their down payment.

What is an FHA loan?

An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA) and offered by private FHA mortgage lenders. FHA loans often have less strict requirements than conventional loans, making them popular with first-time homebuyers and younger buyers.

How do they work?

FHA loans work like most other mortgages, only they’re backed by the federal government. This doesn’t mean that the government provides the funds directly to borrowers, however. FHA loans are widely available from private lenders, who can offer these loans to borrowers with lower credit scores and more debt, knowing that the government will protect part of their investment in the case of default.

In terms of options, FHA loans are similar to conventional loans. You can choose either a fixed or adjustable interest rate and a loan term for a set number of years: 15 or 30.

You’ll still pay closing costs for an FHA loan, such as appraisal and origination fees. The FHA allows home sellers, a home builder or a mortgage lender to cover up to 6% of these costs.

FHA loan insurance

In addition to the typical closing costs, FHA borrowers must pay upfront and annual mortgage insurance premiums (MIPs). Similar to private mortgage insurance for conventional loans, MIPs protect the lender if you were to stop repaying your loan. These MIPs show up as both a fee at closing and an additional charge on your monthly mortgage payment. How much you’ll pay annually depends on the size of your down payment and length of your loan term.

If you put down 10% or more, you can get rid of FHA mortgage insurance after 11 years. If you put down less than 10%, you’ll pay mortgage insurance until you pay off the loan, sell the home or refinance to a conventional mortgage.

FHA loan rates

FHA loan rates will vary from one lender to another, but generally they are competitive with, and often slightly lower than, rates for conventional loans. According to Bankrate data, the national average 30-year FHA mortgage APR was 6.51% as of May 21, 2026. Meanwhile, the national average APR for a 30-year conventional loan was 6.63%.



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SpaceX Seeking a Record-Breaking $75 Billion IPO

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moneyvests
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SpaceX Seeking a Record-Breaking $75 Billion IPO


SpaceX officially wants to have the largest initial public offering of all time.

Elon Musk’s rocket company is seeking to raise $75 billion in its initial public offering, according to a filing it submitted to the Securities and Exchange Commission. It plans to offer 555,555,555 shares of common stock at $135 per share.

That offering would be over twice as big as the prior record for the largest IPO, which was set by Aramco when it raised $29 billion for its opening in 2019.

The updated filing came a week after SpaceX’s initial S-1, which offered an unprecedented look into the finances and mission of one of the world’s most valuable private companies.

Under the proposed offering size, Musk — who serves as CEO, CTO, and chairman of the board — would hold around 82% of the voting power of the company’s common stock, the filing said, allowing the founder to maintain significant control.

The S-1 filing is a required step ahead of an IPO, and SpaceX is expected to make its stock-market debut this month.

SpaceX is one of several blockbuster tech IPOs that are hotly anticipated, including OpenAI and Anthropic, which filed its own S-1 this week.





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