Bitcoin Dips Below $70K Amid $176B Crypto Selloff & U.S. Sanctions on Nobitex – June 2, 2026

Key points

• •The US Treasury has intensified sanctions against Iran's crypto sector, notably targeting Nobitex, the country's largest digital asset exchange responsible for over half of Iran's crypto inflows in 2025. This is part of a broader crackdown on Iranian exchanges linked to terror finance and sanctions evasion, impacting multiple platforms and executives and underscoring increasing regulatory enforcement on crypto compliance internationally.[Blockonomi][Crypto Briefing][Bitcoin News][Decrypt][Crypto Briefing][CoinDesk][The Block]
• •Institutional Bitcoin accumulation continues with Strive acquiring over 2,500 BTC worth $185 million and Capital B proposing a massive $122 billion raise to expand Bitcoin holdings. However, Strategy's significant BTC sell-offs and market-wide declines contrast these bullish moves, reflecting polarized institutional strategies amid a volatile market environment.[Coingape][Coingape][Decrypt][Decrypt]
• •Bitcoin's price has fallen below $70,000 amid a crypto market correction wiping out $176 billion in investor funds, with derivative markets showing warning signs as open interest rises to 773,000 BTC. Liquidations have exceeded $1.25 billion recently, pointing to increased market fear and potential for further downside pressure.[CoinDesk][Cointelegraph][CryptoPotato][Cointelegraph]
• •Mt. Gox transferred over 10,000 BTC valued at roughly $739 million to new wallets after a six-month dormancy period, extending the creditor repayment deadline to October 31, 2025. These large movements have raised investor concerns about the possible effects on Bitcoin's price and market stability.[Blockonomi][The Block][CryptoPotato]
• •Ripple has expanded its Washington D.C. presence to strengthen policy engagement amid growing US institutional crypto adoption and ongoing digital asset regulatory debates. This move signals Ripple's focus on regulatory collaboration to influence US crypto policy in a changing compliance landscape.[Bitcoin News]
• •The SEC has announced a strategic five-year plan through 2030 prioritizing clear crypto regulation, tokenization promotion, and frameworks for emerging digital markets such as staking and on-chain assets. This roadmap signals the SEC's long-term commitment to developing comprehensive oversight while nurturing the industry's growth.[Cointelegraph]
• •Stablecoin on-chain activity surged significantly, with transaction velocity reaching a record 49.7 times annualized, suggesting broader stablecoin use beyond trading. Simultaneously, Bitcoin and Ethereum spot ETFs have experienced combined outflows of $6.6 billion, reflecting waning institutional demand for these flagship crypto products.[Bitcoin News]

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