Crypto News Today: Bitcoin Crashes Below $60K as the Clarity Act Push Continues

Crypto news today is once again not so positive. It has been another brutal day for the market. Bitcoin is now below $60,000 for the first time in almost two years. Ethereum is down over 70% from its peak from last summer of 2025.

Bear market at its finest, really. Liquidations are massive. Sentiment is crushed. But there is always some good stuff despite horrible price action.

Let us dig into the crypto news today.

USDT Surpasses ETH to Become Second-Largest Crypto

According to CoinGecko, as ETH fell 5.5% over the past 24 hours, Tether USDT’s FDV reached $191.521 billion. That surpasses ETH’s $187.532 billion, making USDT the second-largest cryptocurrency by fully diluted valuation, behind only Bitcoin.

This is a significant milestone. A stablecoin now ranks second among all cryptocurrencies. It reflects the massive demand for dollar-pegged assets during this bear market. Traders are fleeing volatility and parking their capital in stablecoins.

Saylor’s Strategy Sits on $14B Unrealized Loss

Michael Saylor’s Strategy currently has a $14 billion unrealized loss on its Bitcoin investment. Tom Lee’s BitMine has a $10.5 billion unrealized loss on its Ethereum investment.

These numbers are staggering. Strategy bought Bitcoin at an average price well above $70,000. Now BTC is below $60,000. The paper loss keeps growing.

Peter Schiff has been tweeting about this relentlessly. He has compared Saylor’s loss to JPMorgan’s infamous London Whale trade. Whether Schiff is right or not, the optics are terrible. The poster boy of Bitcoin accumulation is sitting on the largest paper loss in crypto history.

Read also: Claude AI Predicts the Bitcoin Price Before the End of June

Hyperliquid HYPE: $17M Withdrawn During Flash Crash

Fresh wallets pulled 222,000 HYPE ($14.4 million) from Coinbase Prime and another 45,000 ($2.87 million) from FalconX during the $59,000 BTC flash crash. Coinbase Prime and FalconX are not retail on-ramps. These are institutional platforms.

$17.27 million in tracked withdrawals to cold storage happened during peak liquidations. That suggests smart money is accumulating while retail panics.

HYPE options are now the largest non-BTC/ETH options market across all exchanges, surpassing Solana at 10x the market cap. Portfolio margin went live on June 25, allowing BTC and HYPE as collateral. That creates a structural bid from market makers who need HYPE to optimize capital efficiency across positions. This is the same reflexive loop BitMEX created with BTC collateral in 2017.

Tokenized Stocks Flip Meme Coins on Solana

Tokenized stocks just flipped shitters on Solana. They now account for 17% of daily DEX volume versus 12% for meme coins. A $553 million daily ATH was recorded on June 24. 381,000 holders have tripled since January. Solana has 95% market share across all chains.

This is a significant development. Real-world assets are gaining traction on-chain. But the competition is coming.

Coinbase launches tokenized equities in July on Base, not Solana. That 95% share compresses fast once 100 million+ Coinbase users get routed to a different chain.

Solana built the market. The question is whether it keeps it. $213 million traded on Juneteenth while US markets were closed. 33% of Jupiter tokenized stock traders are active on weekends.

This is a new asset class being born on crypto rails. The chain wars for it start next month.

Polymarket Breached Again

Polymarket said its website frontend was injected with malicious code following a breach of a third-party provider. Hackers stole about $3 million in user assets.

On-chain analysis showed that fewer than 15 accounts were affected. The stolen funds primarily consisted of the platform’s pUSD stablecoin, which was later swapped for ETH.

Polymarket said the vulnerability has been fixed and affected users will be fully reimbursed. This marks the platform’s second security incident in nearly two months.

Senator Lummis: “Let’s Get the Clarity Act to the President’s Desk”

Senator Cynthia Lummis tweeted today:

“I have watched the digital asset community grow from the fringes to the floor of the United States Senate. I am so proud of every single person who made that happen. Now let’s get the Clarity Act to the president’s desk!”

This is a bullish statement from a key crypto supporter in Congress. But the Clarity Act is still stuck. Law enforcement groups are pushing back on Section 604. A hearing is scheduled for July 17.

Lummis remains optimistic. The rest of the market is less sure.

Our Take on Today’s Crypto News

Crypto news today is a mixed bag. The price action is brutal. Bitcoin price below $60,000. Ethereum down 70% from its peak. Saylor sitting on a $14 billion loss.

But beneath the surface, there are real developments. USDT flipping ETH shows the demand for stablecoins. HYPE is building institutional infrastructure. Tokenized stocks are growing on Solana. Ripple got MiCA approval. The Clarity Act is still alive.

This is the nature of bear markets. Price crashes. The smart money accumulates while retail panics.

The next few months will likely be painful. But the infrastructure being built today will support the next bull run.

Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.

The post Crypto News Today: Bitcoin Crashes Below $60K as the Clarity Act Push Continues appeared first on CaptainAltcoin.