In crypto news today (June 3), crypto is proving the old adage of ‘Sell in May and go away,’ as June continues its bearish trend throughout crypto. Bitcoin crashed below $67,000 overnight, falling by -4.2% over the past 24 hours. The crash caused more than $1.8Bn in daily liquidations, with over $1.54Bn of that figure being long trades.
This price action hasn’t been helped by ETF flows, with a further $500M+ exiting the various Bitcoin ETF products, taking the ten-day total to over $3Bn, a figure that is only adding to the brutal sell pressure across the market.
This crash began on June 1 and has been exacerbated by news that Michael Saylor and Strategy sold Bitcoin for the first time ever, by Iran and the US continuing their conflict in the Middle East, and by negative ETF flows.
Daily trading volume has surged on this crash, exceeding $143Bn in the past 24 hours, up from $120Bn yesterday. This surge in volume is mostly traders offloading bags in anticipation of a deeper drop.
Crypto News Today: Iran Attacks US Bases in Bahrain and Kuwait in Response to US Strikes
It has been reported overnight that Iran launched a massive ballistic missile and drone attack, striking the US 5th Fleet headquarters in Bahrain along with US bases in Kuwait and an oil tanker near Dubai, in response to new US strikes on Qeshm Island and an Iranian oil tanker near the Strait of Hormuz.
Iran says it has officially abandoned tit-for-tat retaliation, now striking back “at least 1.5x as hard” for every US attack, with the IRGC warning “disrupting the security of the Strait of Hormuz will have a heavy price for the invading US military.”
With this fresh wave of attacks across the Middle East, negotiations for peace seem further away than ever, and the market is clearly spooked by a wider breakout of conflict, as evidenced by the crypto crash overnight.
Iranian drones hit the passenger terminal at Kuwait International Airport overnight, injuring several people, causing major damage, and shutting down all flights.
Terminal 1 had only reopened on Monday. It was damaged in a previous Iranian attack back in February.
This is… https://t.co/DUFq1Fjjf3
— Mario Nawfal (@MarioNawfal) June 3, 2026
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Crypto News Today: Fear & Greed Index Crashes to 11/100 as BTC Loses $67,000
The Crypto Fear & Greed Index is at 11/100, down from 23/100 yesterday, and firmly back into Extreme Fear territory, as Bitcoin crashed below $67,000 in today’s EU morning trading session.
A combination of the ongoing US-Iran conflict, Saylor selling Bitcoin, and bleeding in Bitcoin and Ethereum ETFs is causing renewed fear throughout crypto, with over $1.8Bn in liquidations across the market since yesterday.
While historically the best buying opportunities have come when the index is at these levels, with so much global uncertainty, this could be an unprecedented period for crypto, and the downtrend could continue much longer.
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$1.8Bn in Liquidations Pile Up as Traders Worry That $50K Bitcoin is Next
In other crypto news today, this fresh drop across the market was fuelled by a cascade of liquidations that saw around $1.8Bn liquidated over the past 24 hours, with over $1.53Bn of that from long positions, highlighting just how optimistic market participants still are.
BTC USD accounts for over $800M of that liquidation figure, with ETH next at $474M, Solana is the next largest culprit behind the number, with more than $80M in positions liquidated overnight.
Until traders stop longing every dip, liquidations will likely continue, as these positions are fuelling each crash. Funding will need to reset before a bottom can be found, and until then, calls for $50K Bitcoin will continue to be heard.
Can Sugarcane Actually Power Bitcoin? Inside Tether New Brazil Mining Play
Tether, the company behind the world’s largest stablecoin, is preparing to mine Bitcoin using electricity generated from sugarcane waste in Brazil, and the pilot is set to go live by July 1, 2026. The operation, run through Tether-backed agribusiness Adecoagro, will start with 10 megawatts of capacity and approximately 1,280 Bitcoin mining machines powered entirely by biomass energy from sugarcane processing.
Adecoagro already operates more than 230 megawatts of renewable electricity generation capacity across South America, giving the project an established energy platform before a single mining rig is switched on. The 10-megawatt pilot is a small slice of that, deliberately so. This is a test, not a full rollout.
Read the full story here.
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