Trump's "TACO Trade" Returns, BTC Reclaims the $63,000 Level
🔍 Key Insights
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📊 Market Overview
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Trump once again staged a TACO-style reversal, pausing further military action against Iran and signaling that a U.S.-Iran agreement could be reached as early as this weekend. Risk appetite rebounded sharply as a result. Oil prices fell significantly intraday, easing inflation concerns and driving a rally in U.S. Treasuries. U.S. equities rebounded strongly, with the S&P 500 gaining 1.8% and the Nasdaq surging 2.5%. The crypto market also moved higher, with BTC reclaiming the $63,000 level and consolidating in the $63,300–$63,700 range. In the near term, bulls remain in control, but the $63,500–$64,000 zone remains a key resistance area. Whether BTC can break through with strong volume will determine the scope of further upside.
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BTC: $63,642 (+3.43%); ETH: $1,673 (+3.17%); NASDAQ: 25,809.66 (+2.54%); S&P 500: 7,394.30 (+1.75%); Fear & Greed Index: 12 (Previous: 12) (Data as of 2026-06-12 00:00 UTC)
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🧠 Market Insight
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Regulatory developments continue to accelerate globally. Japan is moving toward regulating crypto assets under a framework similar to equities while significantly reducing tax rates. Meanwhile, the SEC has proposed removing certain regulatory barriers to facilitate tokenized stocks on-chain, further advancing compliance for the RWA sector. CFTC Chairman Selig stated that blockchain-based markets are inevitable and emphasized the distinction between compliant prediction markets and casino-style gambling, signaling a more constructive regulatory stance. At the same time, Hungary is easing restrictions, Poland is delaying MiCA implementation, while Delaware and the IMF remain focused on risk controls. Overall, global regulation is entering a phase characterized by both innovation-friendly policies and stronger oversight.
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🎯 Today's Focus：he SpaceX IPO could further strengthen capital flows toward AI and technology-related assets, potentially creating indirect liquidity and attention diversion from the crypto market.
Macroeconomics
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U.S.-Iran Situation: Trump announced the cancellation of the planned military strike and bombing campaign against Iran scheduled for tonight, stating that both sides have reached a "great war settlement." A final agreement could reportedly be signed in Europe as early as this weekend, with Vice President Vance expected to attend the signing ceremony.
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The Producer Price Index (PPI) for May rose 6.5% year-on-year, marking the largest increase since November 2022 and coming in above the market expectation of 6.4%.
Industry Developments
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The SEC proposed eliminating two provisions of Regulation NMS to facilitate the adoption of tokenized equities on blockchain networks.
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Japan's House of Representatives passed a bill that would regulate cryptocurrencies under a stock-like framework and reduce the tax rate to 20%.
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Delaware and New Jersey are advancing legislation that would effectively ban crypto ATMs statewide.
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USDC Treasury minted an additional 250 million USDC on the Solana blockchain.
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Circle plans to launch Arc Privacy, an optional privacy solution for on-chain finance.
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Strategy CEO stated that selling Bitcoin was intended to test market reactions and internal operational processes.
Alpha Project Performance
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VELVET: Surged more than 85% in a single day, likely driven by market-maker activity. Addresses linked to the project transferred 22 million tokens (worth approximately $19.8 million) to exchanges over the past three days, while market maker DWF Labs moved 6.68 million tokens (worth approximately $6 million) over the past month, fueling concerns about price manipulation and accelerating the rally.
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ZEC: An address withdrew 40,000 ZEC from the Orchard shielded pool four hours ago, representing roughly 1% of the pool's total reserves, helping push ZEC up nearly 2%.
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ENA: Ethena announced a partnership with Coinbase to launch a stablecoin yield vault on Morpho, driving ENA up nearly 8% intraday.
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XRP: Ripple continued expanding in Latin America, launching the Mexican peso stablecoin MXNB on XRPL, supporting a nearly 3% gain in XRP.
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AVAX: Avalanche Treasury, a treasury-focused company within the Avalanche ecosystem, successfully listed on Nasdaq, helping AVAX gain around 2%.
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CRV: Market expectations that Llamalend, Curve's new lending protocol, could generate additional protocol revenue boosted sentiment, sending CRV up more than 16% on the day.
Weekly Outlook
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June 12: SpaceX IPO; U.S. June 1-Year Inflation Expectations (Preliminary); APT token unlock representing 1.33% of circulating supply (approximately $7.34 million in value).
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TBD: Further developments regarding U.S.-Iran relations.
