Bitcoin rebounded to around $63,500 Monday after falling below $60,000 for the first time since October. The slide triggered over $1.6 billion in liquidations across the market, with Ethereum touching $1,500 and Solana hitting $63.75. The broader crypto market has lost roughly $2.5 trillion in value since its all-time high last October.
Drivers of the selloff include a stronger-than-expected jobs report raising the odds of rate hikes, a massive capital rotation into AI-led by Google's $84 billion raise and SpaceX's upcoming IPO-and Strategy's first Bitcoin sale in four years, which shook investor confidence.
On Capitol Hill, the House Ways and Means Committee will hear seven separate crypto tax bills today, covering everything from a de minimis exemption for small transactions to clearer rules for mining and staking income. The bills also address wash sale rules, mark-to-market accounting for traders, and a safe harbor for past reporting failures.
Zcash surged 45% after its core development team proposed the Ironwood network upgrade. The upgrade creates a new shielded pool with a verifiable checkpoint to restore independent supply verification, targeting activation by July 2026.
SpaceX priced its IPO at $135 per share for a Thursday debut on the Nasdaq under ticker SPCX. The company aims to raise roughly $75 billion at a $1.75 trillion valuation. Retail investors will get 30% of the offering via Robinhood, Schwab, Fidelity, and E*Trade.