SpaceX crash puts Bitcoin on edge

June 23, 2026

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Europe’s payment race shifts gears

Key points:

  • EU lawmakers advanced the digital euro framework after ECON backed the package in a 43-14 vote.

  • Ripple also secured preliminary MiCA approval in Luxembourg, adding to Europe’s regulated crypto payments push.

News - Europe’s digital payments push moved forward after the European Parliament’s Economic and Monetary Affairs Committee approved its position on the digital euro package. The vote backed a framework for an ECB-issued currency that could work both online and offline, while keeping cash in the system rather than replacing it.

The approved draft includes no interest payments, holding limits for individuals, and temporary 24-hour holding rules for businesses receiving digital euros. Basic account access and payments would be free, while offline transactions would also remain free under the proposal.

Privacy becomes the selling point - The offline version would use local device storage, allowing payments without an internet connection. Lawmakers framed that model as cash-like, although losing the device would also mean losing the offline digital money without a refund.

The draft also includes privacy-by-design features such as zero-knowledge proofs, with the announcement stating that the ECB would not have access to personal identification data. Before any rollout, the ECB would still need technical rules, pilot testing, and coordination with payment providers, with a 2029 launch target now in view.

MiCA race adds pressure - The timing also matters for crypto firms. Ripple received preliminary CASP approval from Luxembourg’s CSSF under MiCA, which could allow it to offer regulated crypto and stablecoin payment services across the European Economic Area once finalized.

The move builds on Ripple’s Luxembourg EMI license and lands just before the July 1 MiCA transition deadline, as Europe becomes a key regulatory test case for crypto payments.

SpaceX rout tests Bitcoin’s $60K floor

Key points:

  • Bitcoin tested a two-week low near $62,000 as SpaceX’s post-IPO slide pressured broader risk appetite.

  • Traders are watching whether BTC can defend $60,000 as tech weakness, Fed expectations, and crypto catalysts collide.

News - Bitcoin’s latest slump came as SpaceX’s post-IPO reversal rattled tech markets and added pressure to speculative assets. The newly public stock fell below its debut opening price after announcing a $20 billion bond sale, briefly pushing its valuation below $2 trillion.

Across three sessions, SpaceX erased more than $600 billion in market value, while the broader tech sell-off weighed on chipmakers including Micron Technology, SanDisk, Intel, and AMD. Bitcoin also tested a two-week low near $62,000, falling 4% over the past day as Ethereum, XRP, and Solana posted steeper losses of at least 5%.

Bitcoin’s support line tightens - The move brought Bitcoin’s $60,000 support back into focus. One analyst said a break below $62,200 could increase the chance of BTC falling under $60,000, while a decisive move below the $61,000-$62,000 neckline could point toward $55,000-$56,000.

Still, Bitcoin stayed comparatively rangebound near the lower end of its recent range, even as SpaceX saw a sharper three-day drawdown.

Fed pressure meets crypto catalysts - The macro backdrop also remained tense after Kevin Warsh’s first remarks as Fed chair and rising expectations for a July rate hike. Hashdex’s Gerry O’Shea said a hawkish environment could hurt crypto and other risk assets, but pointed to Middle East de-escalation and the Clarity Act as possible catalysts later this year.

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Housing bill freezes Fed CBDC plans

Key points:

  • The U.S. Senate passed the 21st Century ROAD to Housing Act in an 85-5 vote, with a CBDC ban attached to the package.

  • The measure would block the Fed from issuing or creating a digital dollar through Dec. 31, 2030, while carving out private stablecoins.

News - A U.S. digital dollar moved closer to a formal freeze after the Senate passed a bipartisan housing affordability bill that includes a temporary ban on Federal Reserve CBDC activity. The 21st Century ROAD to Housing Act now heads to the House, where lawmakers are expected to take it up quickly before it can move to U.S. President Donald Trump’s desk.

The broader bill targets housing supply and also includes measures aimed at large institutional investors buying single-family homes. Its crypto clause, however, bars the Fed from directly or indirectly issuing or creating a central bank digital currency, or any substantially similar digital asset, including through a financial institution or intermediary.

Stablecoins remain protected - The restriction runs through the end of 2030, but it includes a carve-out for dollar-denominated assets that are open, permissionless, and private. That leaves private stablecoins outside the ban.

Even after the restriction expires, the Fed would still need explicit congressional authorization to pursue a CBDC. The measure also aligns with Trump’s January 2025 executive order, which had already directed the administration not to pursue a U.S. CBDC.

U.S. splits from global trend - The ban comes despite there being no active federal CBDC project, with the Fed having stayed at the research stage. Globally, however, the direction looks different. Europe is preparing a digital euro, China has expanded cross-border e-CNY participation, and dozens of countries remain in CBDC pilot, development, or research phases.

Trump’s quantum push puts crypto on alert

Key points:

  • Trump signed two executive orders to accelerate U.S. quantum computing while hardening federal systems against quantum-enabled encryption threats.

  • The push adds urgency to post-quantum cryptography work already underway across Ethereum, Solana, Bitcoin, and other crypto networks.

News - U.S. President Donald Trump signed two executive orders aimed at expanding U.S. quantum computing capabilities and speeding up the shift to quantum-resistant cryptography. One order directs agencies to update the National Quantum Strategy within 180 days, support commercialization, strengthen industry partnerships, and advance a national effort called QC-ADDS.

That program is intended to develop a large-scale quantum computer for scientific discovery, with the Department of Energy expected to host at least one advanced system. The administration is also targeting a scientifically relevant quantum computer by 2028, while asking defense officials to prioritize next-generation quantum sensors.

Encryption deadline moves closer - The second order focuses on cybersecurity, warning that large-scale quantum computers could threaten widely used cryptographic systems, especially if adversaries collect encrypted data now and decrypt it later.

Federal agencies must move sensitive systems to post-quantum cryptography for key establishment by the end of 2030 and for digital signatures by the end of 2031. The orders also call for NIST-led pilot work, critical infrastructure support, stronger domestic supply chains, workforce programs, and closer coordination with allies.

Crypto faces the same clock - The crypto industry is already preparing for that risk. Ethereum and Solana have started post-quantum roadmaps, while Bitcoin remains divided over how to protect older coins. Other recent efforts include BTQ’s Bitcoin testnet around BIP-360, BIP-361’s proposal for vulnerable legacy addresses, Stellar’s migration roadmap, and Algorand’s plan for broad quantum resilience by 2027.

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Interesting facts

  • Europe’s crypto deadline is turning into a license race: Italian fintech Conio, backed by Poste Italiane and Banca Generali, has secured a MiCAR license in Italy before the June 30, 2026 transition deadline. The approval lets it offer custody, transfer, and digital asset placement services under EU rules, while unlicensed firms face being barred from serving clients in Italy and the wider bloc.

  • Coinbase just made India a rupee-rail story: Coinbase is allowing users in India to trade using the rupee, with deposits and withdrawals routed through an immediate payment service channel. The move matters because it gives the U.S.-listed exchange a cleaner local access point in one of the world’s most active crypto markets.

  • A crypto exchange is buying Wall Street’s back-office rails: Bullish agreed to buy transfer agent Equiniti for $4.2 billion, a deal aimed at connecting crypto markets with traditional capital market infrastructure. Equiniti serves more than 20 million shareholders and manages about $500 billion in annual payments, giving Bullish a regulated bridge into settlement and tokenized market workflows.

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Top 3 coins of the day

Algorand (ALGO)

Key points:

  • ALGO lifted from its $0.0885-$0.091 base and reclaimed the 9-day SMA at $0.0913, putting the $0.096-$0.10 resistance pocket back in play.

  • RSI rose to 56.45 and volume hit 17.46M, while Algorand’s post-quantum roadmap gave the rebound a project-specific catalyst.

What you should know:

ALGO’s 4H bounce started from the lower support shelf, not from a clean trend reset. After holding $0.0885-$0.091, price reclaimed the 9-day SMA at $0.0913 and pushed toward $0.096-$0.10, with volume rising to 17.46M. RSI also improved to 56.45, leaving momentum constructive but not overheated. The move had a sharper project angle after Algorand detailed its post-quantum security roadmap, including native post-quantum accounts and staking from those accounts planned for Q3 2026. May ecosystem data also helped sentiment, with asset creation up 238.7% MoM, smart contract deployments up 47.3%, and community staking at 81.4%. Holding $0.091-$0.092 keeps $0.105-$0.109 in view.

Canton (CC)

Key points:

  • CC’s Bithumb CC/KRW listing brought fresh trading attention, but price rejected $0.157-$0.158 before settling near the 9-day SMA at $0.1511.

  • The Awesome Oscillator improved from negative territory but stayed below zero at -0.00309, keeping the rebound tentative while $0.15-$0.151 acts as the key support zone.

What you should know:

CC’s latest 4H move showed fresh attention running into nearby supply. The Bithumb CC/KRW listing opened direct Korean won access and helped explain the volume pickup to 232.42K, but price rejected $0.157-$0.158 before slipping back toward $0.1517. The 9-day SMA sits at $0.1511, making $0.15-$0.151 the first area to defend. Canton’s locking service, tied to CIP-0105 and CIP-0116, added a supply management narrative, while Palladium Labs’ 10M CC Genesis Fund supported the builder growth story. Still, the Awesome Oscillator remained negative at -0.00309, so momentum has not fully flipped. A break above $0.157-$0.158 opens room toward $0.164-$0.171, while $0.146-$0.149 is deeper support.

Venice Token (VVV)

Key points:

  • VVV lost the $14.2-$14.4 shelf after its recovery attempt faded, leaving $13.3-$13.5 as the immediate support zone.

  • Parabolic SAR stayed above price at $15.98 and the Awesome Oscillator turned negative at -0.248, showing sellers still held the short-term trend.

What you should know:

VVV’s recent 4H setup looked more like a failed rebound than a fresh recovery. Price slipped under the $14.2-$14.4 shelf and hovered around $13.48, putting $13.3-$13.5 in focus as the first support to defend. The correction followed an earlier failed breakout near $17.60-$17.78, while the supplied liquidation context showed over $310K in long liquidations adding forced-selling pressure during the decline. On the chart, Parabolic SAR stayed above price at $15.98, keeping trend control with sellers, and the Awesome Oscillator turned negative at -0.248 after the prior bounce faded. Volume stood at 2.15K on the live candle. A reclaim of $14.2-$14.4 is needed first, while $14.8-$15.4 is the next resistance zone.

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