The crypto market shot upwards as Bitcoin (BTC) and other cryptocurrencies overcame initial sluggishness to register substantial increases and trade in positive territory. BTC was trading around $105,000 on Monday before picking up momentum and rising to $107,000. The flagship cryptocurrency continued pushing higher, crossing $110,000 before registering a marginal decline and moving to its current level. BTC is up nearly 4% in the past 24 hours, trading around $109,390.
Meanwhile, Ethereum (ETH) rallied after reclaiming $2,500, with the price up over 7%, trading around $2,667. Ripple (XRP) is up over 2%, while Solana (SOL) is up over 5%, trading at $157. Dogecoin (DOGE) is up nearly 6%, trading at $0.191, while Cardano (ADA) is up 6%, trading at $0.697. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) also registered substantial increases.
Crypto CEO Accused Of Laundering Funds Linked To Sanctioned Russian Banks
Federal prosecutors have charged the founder of a US-based crypto payments firm with allegedly operating a sophisticated international money laundering scheme to move over $500 million linked to sanctioned Russian banks and other entities. According to reports, Iurii Gugnin, a Russian national living in Manhattan, was arrested and arraigned on Monday and ordered to be held without bail pending trial. Gugnin faces a 22-count indictment and is accused of wire and bank fraud, violating US sanctions and export controls, money laundering, and failing to implement legally required anti-money laundering protocols. Assistant Attorney General Eisenberg stated,
“The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology.”
Prosecutors alleged that Gugnin used his companies, Evita Investments, and Evita Pay, to process over $500 million in payments while concealing their origin, nature, and purpose. The list of clients included individuals and businesses linked to sanctioned Russian banks and financial institutions like Sberbank, VTB Bank, Sovcombank, Tinkoff, and the state-owned nuclear energy firm Rosatom.
UK Appoints Crypto Specialist To Recover Funds From Bankruptcy Cases
The UK Insolvency Service has appointed a crypto intelligence specialist to help recover crypto from criminal and bankruptcy cases. According to a statement from the Insolvency Service, Andrew Small, a former police investigator with a background in economic crimes and offenses, will lead efforts to locate and recover crypto assets. The appointment comes as insolvency cases in the UK have increased by 420% over the past five years. The estimated value of crypto assets has also significantly increased during the same time period.
“There has been a rapid rise in crypto ownership in the UK, and alongside that, we’ve seen a similar rise in crypto asset ownership in bankruptcy cases. Crypto is very much a recoverable asset.”
The UK’s Insolvency Service has been tasked with recovering money and assets from individuals and companies in insolvency cases and returning as much of the funds owed to creditors. Small will provide specialist knowledge about the different types of cryptocurrencies available and the associated technologies available to buy, sell, and store them. Neil Freebury, the head of intelligence at the Insolvency Service, expects Small to enhance collaboration and strengthen outcomes for investigators working on crypto asset ownership cases. Freebury stated,
“His appointment will help our investigators dealing with cases where crypto asset ownership is a factor.”
Lawmakers Propose Amendment to Crypto Market Structure Bill
US lawmakers on the House Financial Services are expected to convene for a markup hearing on Tuesday, where they will consider a cryptocurrency market structure bill, which will be amended to add additional protection for blockchain developers. According to a statement released before the hearing, Committee Chair French Hill introduced an amendment to the Digital Asset Market Clarity Act 2025. The amendment focuses on the treatment of certain non-controlling blockchain developers. It proposes that under potential market structure law, blockchain developers or service providers will not be considered money transmitters or be subject to their registration requirements.
The hearing will also include a discussion and vote for amendments to the CLARITY Act. Meanwhile, the Senate is expected to vote on the GENIUS Act, legislation to regulate stablecoins. Senate Majority Leader John Thune said he wants the bill to be “wrapped up” this week. According to Coinbase Chief Legal Officer Paul Grewal, stablecoin legislation has made substantial progress thanks to bipartisan support.
“I think stablecoin legislation has made incredible progress, in large part because I think there is a fairly consistent bipartisan consensus that it’s in the United States’ interest to have sensible rules for stablecoins. A market structure bill is equally important for long-term stability and growth.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) overcame a sluggish start to the week to register a healthy 4% lead and crossed $110,000 on Monday, ultimately settling at $110,251. However, the flagship cryptocurrency is trading in the red during the ongoing session, down nearly 1% and trading around $109,310. BTC’s move past $110,000 on Monday was the first time it crossed the level in two weeks as markets become hopeful about the outcome of ongoing talks between the US and China. Monday’s surge also saw short positions liquidated. BTC isn’t far from its all-time high, with market experts predicting a new all-time high if current sentiment persists. Joe DiPasquale, CEO of crypto fund manager BitBull Capital, stated,
“Bitcoin breaking above $110,000 for the first time in two weeks signals renewed bullish momentum after a period of consolidation. If BTC can hold this level, it may set the stage for a fresh push toward the $120,000 range.”
However, more conservative voices predict a correction before a push higher, expecting CPI data to trigger more volatility in the market. The US Consumer Price Index (CPI) numbers are due for Tuesday, with markets fearing Trump’s tariffs could add pressure on an already volatile market. Analysts have predicted the CPI to rise 0.3% month-over-month and 2.3% year-over-year. Meanwhile, Core CPI, which excludes food and energy, is expected to rise 0.3% month-over-month and 2.9% year-over-year. A jump in inflation could reduce the possibility of a Fed rate cut. Private wealth manager Swissblock stated in a post on X,
“Bitcoin, what is the plan? Inflation data in the week ahead could unleash volatility. The bulls are slowly rebuilding their structure and regrouping, and are eager to flip the game. First steps are in, but a short-term test of the lower range ($104k) looks likely.”
However, the pullback is expected to be temporary, with BTC bulls still in control.
BTC traded in positive territory the previous weekend, rising 0.69% on Saturday and almost 1% on Sunday to cross $105,000 and settle at $105,779. The price plunged to an intraday low of $103,768 on Monday before recovering to register a marginal increase and settle at $105,902. BTC was back in the red Tuesday, falling 0.44% to $105,436. Sellers retained control on Wednesday as the price dropped almost 1%, slipping below $105,000 and settling at $104,752. Bearish sentiment intensified on Thursday as BTC plunged 3%, falling to an intraday low of $100,424 before ultimately settling at $101,614.
Source: TradingView
The price recovered on Friday, rising nearly 3% to recoup its losses and settle at $104,378. BTC continued pushing higher on Saturday, rising over 1% to reclaim $105,000 and settle at $105,575. Buyers retained control on Sunday despite waning bullish sentiment as BTC registered a marginal increase to end the weekend at $105,784. BTC got off to a sluggish start on Monday. However, sentiment picked up as it surged over 4% to cross the 20-day SMA and $110,000 and settle at $110,251. The current session sees BTC down nearly 1%, trading around $109,110.
Ethereum (ETH) Price Analysis
Ethereum (ETH) registered a dramatic increase on Monday as it surged to an intraday high of $2,694. However, it fell short of the $2,700 mark and is marginally down during the ongoing session as buyers and sellers struggle to establish control. The world’s second-largest cryptocurrency faces an uphill battle to overcome $2,700, a crucial resistance. If tETH overcomes this level, it could rally to $3,000. However, if the bears reverse the positive sentiment, ETH risks a drop to $2,400 or lower.
Meanwhile, Ethereum ETFs continue to register healthy inflows. The investment products have recorded inflows totaling $857 million since May 16, with analysts predicting them to cross the $1 billion milestone shortly. The ETFs recorded over $25 million in inflows on June 6 alone to cap off a third week of trading in the green. Marcin Kazmierczak, co-founder and COO of Redstone, stated,
“ETH’s momentum appears driven by several converging factors: institutional ETF flows showing renewed interest in ETH products, growing anticipation around Ethereum’s roadmap upgrades.”
Optimism around the asset has also been boosted by the Pectra upgrade, with Luke Nolan, senior Ethereum research associate at CoinShares, stating,
“I think a few factors are lining up in ETH's favor. Firstly, we had the Pectra upgrade on May 7, which included a number of changes to the Ethereum protocol. None of them were that major, but they indicated stepping stones for further scaling, which has been a major bottleneck for a while on Ethereum. I also think sometimes a small narrative is enough to help drive positivity.”
ETH price action was mixed the previous weekend, registering a marginal decline on Saturday and then rising 0.44% on Sunday to settle at $2,539. The price fell to an intraday low of $2,476 on Monday before recovering to register an increase of nearly 3% to cross the 20-day SMA and $2,600 and settle at $2,607. It registered a marginal decline on Tuesday before rising 0.52% on Wednesday to reclaim $2,600 and move to $2,607. Bearish sentiment returned on Thursday as ETH plunged over 7%, slipping below the 20-day SMA and settling at $2,415.
Source: TradingView
Despite the overwhelming bearish sentiment, ETH recovered on Friday, rising nearly 3% to $2,479. The price continued to push higher on Saturday and reclaimed $2,500, ultimately settling at $2,525. ETH was back in the red on Sunday, dropping 0.57% to end the weekend at $2,511. The week started on a bullish note as ETH surged almost 7%, surging past the 20 and 200-day SMAs and settling at $2,680. However, the price is marginally down during the ongoing session, trading around $2,675.
Solana (SOL) Price Analysis
Solana’s (SOL) was rejected from the $160 level, temporarily pausing its upward trajectory. The price is down 2% during the ongoing session as sellers look to lower it. If selling pressure persists, SOL could drop to $140, where buyers may step in.
SOL faced selling pressure and volatility the previous weekend as sellers attempted to overwhelm buyers. However, the altcoin registered a marginal increase on Saturday and rose nearly 1% on Sunday despite falling to a low of $150 to settle at $157. The price plunged to an intraday low of $151 on Monday before rebounding to settle at $156, ultimately registering a marginal decline. SOL raced to an intraday high of $164 on Tuesday but lost momentum after reaching this level. As a result, SOL fell over 1% to $155. Sellers retained control on Wednesday as the price fell 1.29% to $153. Selling pressure intensified on Thursday as SOL plunged nearly 6%, slipping below $150 and settling at $144.
Source: TradingView
Despite the overwhelming selling pressure, SOL recovered on Friday, rising 2.47% to $147. Buyers retained control over the weekend as the price rose 1.51% on Saturday and 1.56% on Sunday to reclaim $150 and settle at $152. Bullish sentiment intensified on Monday as SOL surged almost 6% to cross $160 and settle at $161. However, the price is back in the red during the ongoing session, down nearly 2%, trading around $158.
Litecoin (LTC) Price Analysis
Litecoin (LTC) registered a sharp drop on Friday (May 30), falling over 8% to $85.61. Despite the selling pressure, it recovered over the weekend, rising 1.70% on Saturday and 1.47% on Sunday to end the weekend at $88.35. Buyers retained control on Monday as the price rose over 1% and settled at $89.48. However, LTC lost momentum on Tuesday and registered a marginal decline. Selling pressure persisted on Wednesday as the price fell almost 2% to $87.96. Bearish sentiment intensified on Thursday as LTC plunged nearly 5% to $83.61.
Source: TradingView
LTC recovered on Friday, rising over 4% to $87.28. Buyers retained control on Saturday, with the price increasing 1.31% and settling at $88.42. However, LTC lost momentum on Sunday, dropping 1.43% to end the weekend in the red at $87.15. LTC started the current week on a bullish note, rising over 4% to cross $90 and settle at $90.76. Despite the strong start to the week, LTC is back in bearish territory in the ongoing session, down nearly 1%, trading around $90.16 as sellers look to drive the price below $90.
Uniswap (UNI) Price Analysis
Uniswap (UNI) has jumped nearly 14% over the past 24 hours as the token surged after breaking out of its months-long consolidation phase, with analysts predicting a significant rally. Trading volumes are also reaching record levels as sentiment around the token flips to bullish. UNI surged past $6 over the weekend and has crossed $7 during the ongoing session, with buyers in control.
UNI started the previous weekend in the red, dropping nearly 3% on Saturday and settling at $6.04. The price rebounded on Sunday, rising over 4% to cross the 20-day SMA and settle at $6.30. UNI plunged to an intraday low of $6.05 on Monday as selling pressure intensified. However, it rebounded from this level to register an increase of over 2% and settle at $6.44. The price raced to an intraday high of $7.10 on Tuesday as buyers attempted to push the price higher. UNI lost momentum after reaching this level and settled at $6.63, ultimately registering an increase of nearly 3%. Selling pressure returned Wednesday as the price fell almost 5% to $6.31. Sellers retained control on Thursday as UNI fell over 6%, slipping below the 20-day SMA and $6 to settle at $5.91.
Source: TradingView
The price recovered on Friday, rising 1.35% to $5.99. Buyers retained control on Saturday as UNI rose over 6% to reclaim $6, cross the 20-day SMA, and settle at $6.36. However, it lost momentum on Sunday to register a marginal drop to end the weekend at $6.32. UNI started the current week on a bullish note, surging over 8% to settle at $6.84. The current session sees the price up nearly 6%, trading around $7.25.
Filecoin (FIL) Price Analysis
Filecoin (FIL) plunged over 9% on Friday (May 30) and settled at $2.50. It fell to an intraday low of $2.43 on Saturday before rebounding to register an increase of 3.54% and settling at $2.59. FIL was back in the red on Sunday, dropping 0.65% to end the weekend at $2.57. FIL recovered on Monday, rising over 2% to $2.63. However, it was back in the red on Tuesday, with sellers retaining control on Wednesday as the price fell 2.58% to $2.56. Selling pressure intensified on Thursday as FIL plunged over 7%, slipping below a key support level and settling at $2.37.
Source: TradingView
Despite the overwhelming selling pressure, FIL recovered on Friday, rising 1.36% to $2.41. Buyers retained control on Saturday as the price rose 4.51% to reclaim $2.50 and settle at $2.52. However, FIL was back in the red on Sunday, dropping over 1% to settle at $2.48. FIL started the current week on a bullish note, rising nearly 5% to reclaim $2.50 and settle at $2.60. The price is marginally up during the ongoing session as buyers and sellers struggle to establish control.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
