Crypto prices dipped slightly into the red on Thursday, extending the downward trend from May when Bitcoin's price fell almost 4%. Bitcoin was trading at around $26,950, down 0.5% over the past 24 hours and the second consecutive day it dropped below $27,000.

Bitcoin's weakened correlation with technology stocks, particularly the Nasdaq 100, is causing concern among crypto investors as the digital asset posted a monthly slump in May for the first time since 2023. The 30-day correlation coefficient between Bitcoin and the tech-heavy Nasdaq 100 has dropped to around 0.2 compared to 0.8 in May last year, indicating that they are moving in opposite directions rather than lockstep. While some analysts believe decoupling from mega-cap tech shares could benefit digital assets over the long term, others question how sustainable gains in AI-fueled tech stocks are given their reliance on a handful of names.

Bitcoin miners earned $916.6 million in revenue in May, which is a 13.7% increase from the previous month. This includes transaction fees of over $120 million, which is largely due to increased on-chain activity. The rise of bitcoin NFTs has also contributed to the surge in transaction fees. In May, there was a significant increase in bitcoin transaction activity, with 16.9 million transactions recorded for the month.

Texas legislators have passed two bills in support of bitcoin mining, with one aimed at registering large energy capacity miners with the Public Utilities Commission. The bills, SB 1929 and HB 591, are awaiting the signature of Governor Greg Abbott and will take effect from 1 September if approved. The third bill, SB 1751, which would have capped the industry's participation in cost-saving demand-response programmes, was stopped at the committee stage. Texas is one of the largest bitcoin mining hubs in the world due to cheap energy and friendly regulators.

At a recent conference hosted by the Swiss National Bank, economists discussed the possibility of Bitcoin replacing fiat currencies. Economist Lawrence H. White presented the idea of competition among central banks and private currencies to combat inflation. While Bitcoin and gold are contenders for private currencies, the network effect and stability of established fiat currencies pose significant obstacles to their widespread adoption. The conference also explored other blockchain-based alternatives to enhance financial systems.

WeChat search now supports displaying Bitcoin price query services, which are provided by a mini program called "Global Currency Conversion". Currently, it does not support other cryptocurrencies besides Bitcoin (BTC).

Bitcoin and the wider cryptocurrency market experienced a second day of selling on Thursday, as concerns over inflation and interest rate hikes resurfaced. The US House of Representatives passed a debt ceiling deal, which now awaits approval from the Senate. Meanwhile, Kraken has seen a 25% increase in customer deposits in Canada since Binance and OKX announced their withdrawal plans, thanks to the country's tightened regulatory framework. Finally, OPNX, co-founded by the principals of failed crypto hedge fund Three Arrows Capital, has launched a new governance coin called OX, designed to reduce trading fees on the platform.

Bitcoin experienced a disappointing end to May, falling below $27,000 and erasing the weekend's uptick. However, BTC/USD filled a gap in CME futures outstanding since the weekend trip higher, leading some traders to believe that the bottom is usually near when these gaps fill. Despite this, traders remain cautious and are waiting for a clearer direction to emerge before making any trades. Bitcoin finished May down 7%, but is still straddling key liquidity gaps.

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.

Crypto strategist Credible Crypto, who has a large following on Twitter, predicts that Bitcoin will experience a bearish period in the short term.