06/05 Market Recap: Bitcoin Touches $65k and Retreats to $63.5k, Robinhood Receives Notice


Bitcoin recently experienced a dramatic recovery, surging past $65,000 for the first time since late April, following a drop to a two-month low of $56,500. It then settled around $63,000, bringing its market capitalization close to $1.25 trillion and securing over 53% dominance. Additionally, the Bitcoin network has now processed over 1 billion transactions since the first block was mined by Satoshi Nakamoto over 15 years ago.

In the broader cryptocurrency market, while many altcoins struggled, SOL and XRP notably gained about 4%. Lesser-known cryptocurrencies like Goldfinch, Celsius Network, and NetMind also recorded gains exceeding 10%. Losers on the day are the newly launched Friend.tech (-20%), Helium (-7%) and Bonk (-6%).

In regulatory news, Robinhood received a Wells notice from the SEC, indicating possible enforcement actions over crypto tokens traded on its platform, a move Robinhood disputes as it continues its efforts to comply with SEC regulations. Meanwhile, a study by Visa and Allium Labs found that bots were responsible for over 90% of last month’s stablecoin transactions, totaling $2.2 trillion, yet only $149 billion came from actual users, underscoring the nascent yet promising role of stablecoins in financial transactions.