Bitcoin Slips Below $70K, Solana Under $80 as Crypto Slides
Rendy Andriyanto
Gotrade Team
Reviewed by Gotrade Internal Analyst
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Gotrade News - Bitcoin slipped to roughly $69,000 on June 2, 2026, dropping below the closely watched $70,000 threshold. Solana also fell under $80, trading 2.5% lower daily and 5.4% lower for the week.
Hotter US inflation, failed US-Iran peace talks, and Strait of Hormuz risk drove the broad crypto selloff. The decline pressured exchange operators like Coinbase Global (COIN) and miners across the digital-asset complex.
Key Takeaways
Bitcoin fell to about $69,000 and Solana traded below $80 amid geopolitical and inflation pressure.
Strategy retired $1.5 billion in convertible notes at a discount, growing BTC per share 12.6% year-to-date.
Analyst Cheeky Crypto sees 53% odds of an XRP breakout toward $7 to $11 from its descending wedge.
Macro Pressure Drives the Crypto Selloff
According to Watcher.guru, higher-than-expected US inflation prints rekindled fears that the Federal Reserve will keep rates restrictive. A potential Strait of Hormuz blockage threatens crude prices, layering oil-driven inflation risk over the macro backdrop.
The collapse of US-Iran peace negotiations added a fresh geopolitical premium to oil and risk assets. Cryptocurrency traders typically de-risk first when both rates and energy shocks hit at the same time.
As reported by Watcher.guru, Solana last traded near current levels in early April 2026 before this latest leg lower. The article notes that today's drawdown looks mild next to SOL's sub-$10 collapse after the FTX failure in November 2022.
Risk-off flows hit exchange and mining equities tied to spot-crypto activity. Volume-sensitive names like MARA Holdings (MARA) tend to track Bitcoin's spot price closely on sharp downside days.
Watcher.guru cautions that the broader market remains in bear territory, with risk of steep corrections if momentum fades. Three coins still printed all-time highs, including Hyperliquid at $75.48 on its May 2026 spot ETF launch.
Humanity hit a $0.8439 record on the AI investment trend, while LAB climbed to $19.52 on new updates and a rewards season. The article cautions those rallies may reflect investor FOMO rather than durable fundamentals.
Per Seeking Alpha, Strategy (MSTR) is retiring $1.5 billion in convertible notes at a discount in a liability management move. The action reduces dilution risk and trims future obligations rather than signaling any retreat from Bitcoin accumulation.
Strategy's STRC Bitcoin-backed digital credit product surpassed $10 billion in outstanding value within nine months of launch. It generated more than $693 million in dividend payments, while BTC per share grew 12.6% year-to-date through the latest disclosure.
The investment thesis centers on growing BTC per share over time, which the article says outweighs accounting losses from price volatility. That framing positions the convertible retirement as bullish capital management rather than a Bitcoin sale.
According to Watcher.guru, analyst Cheeky Crypto puts 53% odds on an upward XRP breakout from a descending broadening wedge. The wedge has been forming since XRP's $3.40 peak in January 2025.
The bullish scenario targets $7 to $11, while a break below $1.11 support points to $0.32 downside risk. Cheeky Crypto frames $3.00 as the upper wedge boundary that bulls must clear to confirm the move.
The analyst warns XRP may face additional chop and one final volatility event before any larger directional break. Traders watching the spot complex will track inflation, oil, and exchange-volume tape for the next catalyst.
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