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Crypto Cracks Late in Day, Bitcoin Slumps Below $106K
Troubling macro headlines concerning the Middle East and tariffs failed to shake U.S. stocks, but cryptocurrencies sold off.
Jun 12, 2025, 9:13 p.m.
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What to know:
- A modestly down day in cryptocurrencies morphed into a deeper selloff late in the in the U.S. day on Thursday.
- Above $108,000 a few hours ago, bitcoin slid below $106,000.
- Trump tariff threats and boosted Middle East tensions were among the headlines, though other risk assets didn't seem affected.
Cryptocurrencies were broadly lower on Thursday, with the selloff picking up steam in the early U.S. evening hours.
Bitcoin slipped more than 2.5% over the past 24 hours to $105,900, but the declines were far steeper in altcoins, with ether , solana , XRP and dogecoin among those tokens sporting 5%-7% drops.
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Risk assets in general got off to a poor start Thursday as President Trump threatened renewed tariff measures as the early July deadline for trade deals begins to get near.
In addition, with nuclear negotiations with Iran not going well, there were boosted fears of Israeli strikes against Iranian nuclear sites.
“Look, there’s a chance of massive conflict,” Trump told reporters at the White House on Thursday. “We have a lot of American people in this area, and I said, we’ve got to tell them to get out, because something could happen soon, and I don’t want to be the one that didn’t give any warning and missiles are flying.”
“I don’t want to say imminent, but it looks like it’s something that could very well happen,” Trump said about Israel potentially striking Iran. He stated that he had advised against an attack while negotiations were ongoing.
While U.S. stocks were able to shake off the headlines and close with modest gains, cryptos weren't so lucky.
Green shoots?
The rally in risk assets — crypto included — over the past several weeks has taken place amid a U.S. Federal Reserve seemingly determined not to ease monetary policy for the foreseeable future.
And yet, there continue to be signs that weak economic data may soon force the Fed's hand — a far slowed pace of employment gains and weaker inflation numbers among them. Two more data points arrived Thursday in May's Producer Price Index, which came in softer than forecast on both the headline and core levels, and initial jobless claims, which unexpectedly matched last week's multi-month high of 248,000.
Continuing jobless claims rose to 1.956 million, the third consecutive gain and the highest level since November 2021.
President Trump continued his crusade to goad Fed Chair Jerome Powell into a more dovish posture, calling him a "numbskull" for not cutting rates. "I may have to force something," threatened Trump. Powell's term as Fed boss doesn't end until 2026 and the president had previously said firing him prior to that was not an option.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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