Bitcoin Punches Back Above $63K as Nasdaq Claws Back 1.3% From Worst Drop in a Year – Bitcoin News
Key Takeaways
Strategy purchased 1,550 BTC for $101M Monday as bitcoin recovered above $63,000 from June lows.Bitmine acquired 126,971 ETH last week as total crypto market cap reached $2.19T on June 8.The Clarity Act entered Senate floor debate Monday, with bitcoin watching $65K as the next key level.
Institutions Buy the Dip
Strategy purchased an additional 1,550 BTC for approximately $101 million, according to data circulating Monday. The move came as bitcoin traded near $63,400 to $63,600, up roughly 3% in 24 hours after a correction that briefly pulled prices into the $59,100 to $61,000 range.
Bitmine added to the institutional tally, having acquired 126,971 ETH last week. Ethereum traded around $1,688, up 4.35% on the day.
The Fear & Greed Index sat at 16, firmly in “Extreme Fear” territory, even as prices moved higher. That divergence between sentiment and price action is consistent with dip-buying behavior from larger players rather than broad retail participation.
Regulatory Tailwinds
The Clarity Act, bipartisan market structure legislation defining oversight frameworks for digital commodities, entered Senate floor debate Monday. Progress on the bill lifted sentiment across the sector. Separate proposals to ease bank capital requirements for crypto holdings and earlier movement on the GENIUS Act governing stablecoins added to the positive backdrop.
Bitcoin Dominance held at approximately 58.3%, with select altcoins including hyperliquid (HYPE) and zcash (ZEC) posting relative strength. The Altcoin Season Index climbed 4.44%, with capital rotating into tokens such as solana ( SOL) and NEAR.
Macro Backdrop
U.S. equity markets opened higher Monday as well, with the Nasdaq Composite up approximately 1.1% to 1.4% after losing 4.18% on Friday, its worst single-day drop in over a year. The selloff was triggered by a May jobs report that showed 172,000 positions added versus an 85,000 consensus estimate, shifting rate-cut expectations toward a “higher for longer” stance.
The U.S. Dollar Index pulled back modestly to the 99.90 to 100.0 range, providing additional support for risk assets, including crypto.
Jensen Huang and the Intel Factor
Nvidia CEO Jensen Huang, speaking in South Korea while meeting executives from Samsung, SK Hynix, and LG, called the recent tech and AI stock selloff a clear buying opportunity. “We’re at the beginning of it, and whatever happened to the stock market, you should be very happy because now you can buy at a discount,” Huang explained, according to Bloomberg’s reporting.
Intel shares jumped approximately 12% after reports indicated Google placed orders for more than 3 million next-generation Tensor Processing Units with Intel Foundry for 2028, using the company’s EMIB advanced packaging technology. Nvidia is separately evaluating Intel’s 18A process node for portions of future AI chip production. Neither Google nor Nvidia has officially confirmed the specific order details. The news reinforced the broader chip sector rebound and aligned with U.S. CHIPS Act manufacturing goals.
What Traders Are Watching
The near-term path for crypto hinges on whether bitcoin can reclaim and hold above $65,000. Analysts note the 78.6% Fibonacci retracement level at $2.23 trillion as immediate resistance for the total market cap. A close below $2.1 trillion, which marked the yearly low, would signal that the recovery has stalled.
The U.S. Consumer Price Index (CPI) release scheduled for June 10 is the next major macro data point. Continued exchange-traded fund (ETF) flow data and any final votes on the Clarity Act before the summer recess, will also draw close attention.
