Bitcoin's value dropped by 2% after Hong Kong's new crypto regulations were introduced on June 1, adding to the previous day's 10% decline. The crypto market has been impacted by macro, technical, and regulatory challenges, resulting in a widespread sell-off. After a court ruling revealed that the US Internal Revenue Service can access user trading data, whales and investors have transferred over $1 billion in Bitcoin from Coinbase. Bitcoin's price could fall below $25k due to negative funding rates, while the US Federal Reserve is planning to pause in June and raise rates later amid a US economic slowdown. Coinbase, a well-known cryptocurrency exchange, has been instructed by the IRS to provide information on users who have conducted transactions worth $20,000 or more in a year, as part of the IRS's efforts to combat cryptocurrency-related tax evasion. The news has caused a drop in the price of Bitcoin.