Bitcoin dips below $60K amidst $1.57B liquidation; Zcash's 50% crash from security flaw - June 5, 2026

Key points

• •Bitcoin has experienced a notable price drop below $60,000, with a $1.57 billion liquidation wave further pressuring the market and contributing to a $200 billion overall crypto market value decline. Despite recent price weakness, BlackRock recorded a $47.66 million inflow into its Bitcoin ETF, signaling renewed institutional interest even as Bitcoin lost over 15% in a week.[Bitcoin News][Blockonomi]
• •Security vulnerabilities in Zcash’s Orchard shielded pool sparked an intense selloff, with ZEC prices falling over 50% to around $310 and triggering over $116 million in liquidations within 24 hours. Notably, a whale acquired 37,000 ZEC coins amidst the crash, hinting at a potential recovery despite significant market disruption.[Coingape][The Block]
• •Russia’s newly implemented digital currency rules restrict retail investors to buying only Bitcoin, Ethereum, and USDT, capped at 300,000 rubles annually. This regulatory move limits access to other cryptocurrencies and reflects a tightening crypto environment within the country.[Blockonomi]
• •On-chain analysis reveals rare historical lows in five key Bitcoin indicators—such as the Crosby Ratio Z-score near -1.7 and weekly RSI—signaling a strong accumulation phase that could precede a bullish reversal. Additionally, Bitcoin has fallen below the median holder's breakeven level for the first time since 2022, with $46K-$54K identified as a likely bottom range.[Blockonomi][Blockonomi]
• •Major US banks JPMorgan and Citi announced plans to launch a tokenized deposit network by next year, linking traditional bank deposits with blockchain technology to enable near-instant settlement. This initiative could challenge existing stablecoins by offering a regulated, bank-backed tokenized solution.[Crypto Briefing]
• •The altcoin market cap has plunged 22% in a single week down to $880 billion amid broad trader uncertainty, with Ethereum leading the decline. Zcash was notably impacted by its security flaw disclosure, dropping more than 40% to $264.80, emphasizing vulnerabilities shaking confidence in altcoins.[Bitcoin News]
• •Large Bitcoin holders increased whale deposits on Binance during the recent price correction, a behavior reminiscent of the February market panic. This pattern suggests whales are repositioning or accumulating amid market volatility, potentially setting the stage for future price moves.[NewsBTC]

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