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Crypto

Bitcoin rebounds after breaking below $60,000; focus on AI funding shift and rate outlook

Bitcoin fell below $60,000 for the first time since last October and rebounded to around $63,000 on bargain buying. The broader crypto market slid, with heavy liquidations. Investors focused on stronger U.S. jobs data that pushed back rate-cut expectations, and on large AI-related fundraisings seen as drawing money from risk assets. Decrypt reported Strategy sold bitcoin for the first time in four years, hurting sentiment, while spot crypto ETFs saw outflows.

Finance

Korea Exchange, Nextrade to close on local election day and Constitution Day

The Korea Exchange and alternative trading platform Nextrade will close their markets on June 3 and July 17 after the government designated local election day and Constitution Day as public holidays. The Korea Exchange said the shutdown covers securities, derivatives and general commodities markets, including night trading. Oil, gold and emissions markets will also close, along with certain OTC derivatives clearing and its trade repository. Trading on the alternative venue will also be halted.

Crypto

U.S. crypto tax rules hamper everyday bitcoin payments

Bitcoin users in the United States who pay with the cryptocurrency face heavy tax reporting burdens because each purchase is treated as a separate capital transaction, analysts say. They must record acquisition and disposal details and report them to the IRS on Form 8949 and Schedule D. Cato Institute researcher Nicholas Anthony says this makes routine payments impractical and weakens bitcoin’s currency function. He proposes policy changes, while payment tools advance faster than tax rules.