[News Brief] Jun 6, morning | Bitcoin Down 12.6% from U.S. Election Day Closing Price

Bitcoin Down 12.6% from U.S. Election Day Closing Price

Bitcoin fell to around $60,619, trading about 12.6% below its closing price of approximately $69,355 on U.S. Election Day, November 5, 2024, according to Odaily, citing Decrypt.

Bitcoin extended its decline this week and briefly dropped below $60,000. In October last year, after reaching a peak of $125,689, the crypto market saw liquidations totaling $19 billion, sending Bitcoin sharply lower from the $121,000 range to the $106,000 range.

In January this year, Bitcoin ETFs recorded more than $1.5 billion in net outflows. Strategy, led by Michael Saylor, sold 32 BTC worth about $2.5 million at the end of May.

President Trump recently said he would not disappoint the crypto industry. Earlier, the GENIUS Act was signed into law last year, and the CLARITY Act passed a committee vote in May, though the legislative process has not yet been completed.

Zcash Participants Propose Ironwood Network Upgrade

According to Wu Blockchain, Shielded Labs and participants in the Zcash ecosystem have proposed the Ironwood network upgrade.

Zooko Wilcox said users currently cannot independently verify whether possible exploitation of the recently disclosed Orchard counterfeit vulnerability affected the circulating supply of ZEC.

The team said actual exploitation of the vulnerability is unlikely, but it cannot be conclusively ruled out.

The upgrade aims to restore verifiability of Zcash’s circulating supply through consensus rules by creating a new shielded pool and preventing the existing Orchard pool from generating new outputs. No deployment schedule has been set yet.

Bitcoin Daily RSI Falls to 15.5

Odaily, citing Cointelegraph, reported on the 6th that Bitcoin’s daily Relative Strength Index (RSI) had fallen to about 15.5. This marks the lowest level since the COVID-19-driven market crash in March 2020 and is interpreted as a sign that the market has entered an extreme oversold zone.

Bitcoin has declined about 30% over the past month but is holding the $60,000 support level. Analysts said that if this support holds, Bitcoin could rebound to around the 20-day moving average near $70,600 in the coming weeks.

However, some analysts warned that if Bitcoin falls below $60,000, it could decline further into the mid-$50,000 range. In previous instances of similar RSI plunges, Bitcoin later staged strong rebounds.

DWF Labs Co-Founder: “Need to Consider Scenario of BTC Falling to $10,000-$20,000”

Andrei Grachev, co-founder of DWF Labs, said on X that Bitmine and Strategy could potentially trigger the largest market collapse in crypto history.

He said he hopes such a scenario does not happen, but market participants should consider what trading strategies they would take if BTC were to fall to $10,000-$20,000.

1,006 BTC Withdrawn from Kraken to Anonymous Wallet

According to Whale Alert, 1,006 BTC, worth about $60.94 million, was moved from Kraken to an anonymous wallet on the 6th (local time).

Large Bitcoin withdrawals from exchanges to external wallets are generally interpreted as a possible sign of reduced selling pressure, though the actual holding purpose has not been confirmed.

Barry Silbert: “Preparing for AI and Quantum Computing Risks Matters More Than ZEC Price”

Barry Silbert, founder and CEO of Digital Currency Group (DCG), said that rather than mocking the decline in ZEC’s price, the industry should focus on preparing for risks from artificial intelligence and quantum computing.

According to PANews, Silbert said on X that it is more important for crypto market participants to learn risk management and protective measures against future technological shocks than to focus on short-term price fluctuations.

DCG is the parent company of Grayscale. The remarks are seen as an example of institutional investors paying attention to the long-term security and resilience of crypto assets.

CZ: “Aster and Hyperliquid Target Different Demands”

According to Wu Blockchain, Binance founder Changpeng Zhao (CZ) said in an interview on the Threadguy channel on October 11, 2025, that Aster and Hyperliquid are not simply competitors but target different types of demand.

CZ said Hyperliquid is well-suited for open and transparent trading, while Aster is more open in terms of privacy and native asset deposits. He added that both projects are still in the early stage, and the future landscape could change depending on new entrants.

Samson Mow: “Large Companies Are Buying Bitcoin Worth Billions of Dollars”

Source: @pete_rizzo_

Bitcoin advocate Samson Mow said large companies are buying Bitcoin worth billions of dollars and that there is currently no reason to sell Bitcoin.

Mow said that as short-term investors leave the market, stronger hands will take their place. He also reiterated his $1 million Bitcoin price target.