Is this the beginning of the end for bitcoin, and, by extension, the entire crypto universe?
The grandaddy of so-called crypto-currencies dropped below $62,000, a level not seen since October 2024, when it was on its way to an all-time high above $124,000. That's a 50% loss since October, 2025, and it is scaring off would-be speculators who still, somehow, imagine bitcoin as the ultimate alternative to fiat currencies.
Put up or shut up time has come for the digital vaporware floating around the ether. Bitcoin has not gained the kind of mass adoption for which ardent admirers had expected. Instead, it's been nothing more than a fantasy, as the cyrpto universe hasn't managed to assert bitcoin as a viable means of exchange, a store of value, or, for that matter, anything other than a token trinket in a world awash with speculative bubbles.
Further drops in the "value" of a single bitcoin should be expected, unless, like just about everything else in this cockeyed financial system, insider big money wishes to keep it propped up and seemingly viable. Those who believe bitcoin, now 17 years old, is just a reincarnation of tulip mania, consider the real value of a currency that has no intrinsic value and cannot be seen nor touched to be somewhere in the vicinity of zero. They may soon have a case in point.
Wednesday's Wall Street slaughter wasn't nearly as bad as it looked. Of the big three indices, only the Dow (-1.21%) was down by more than one percent. The NASDAQ and S&P were down, 0.89 and 0.74, respectively. In other words, they're about where they were a week ago, suggesting that there was no panic over war re-emerging in the Middle East or the U.S. economy suddenly sliding into recession. In fact, just about nobody on or near Wall Street believes a recession is anywhere to be seen in the next six to 12 months. The biggest concern is inflation, and, seriously, nobody is sweating that very much at all.
Heading into Thursday's session, Dow futures are up sharply, +468, while NASDAQ futures are markedly lower, -310, whilc ethe S&P occupies the middle ground, down about 22 points. Brent crude is dropping, down to $94.74 per barrel, while WTI is lower, at $92.61. Both had spiked a bit higher on Wednesday, but traders saw that the escalation in the Middle East is likely to be contained and that any talk of an oil shortage is being dismissed as bad rumor, as both Iran and the U.S. are quietly allowing a limited flow of oil to transit through the Strait of Hormuz, for now, in a display of inside baseball, a la politics trumping militarism.
Gold and silver are rebounding after their regular mid-week spanking. Gold is pricing at $4,507, silver, $74.79, on the spot market.
Initial unemployment claims came in at 225,000 this morning, the highest in three months, but still in a range of complacency. People will get excited if the numbers begin to pop over 250,000 and especially if they top 300,000 consistently. That would signal a problem for the Fed, which would want to stimulate, though they couldn’t, because inflation is still running hot, though that is not the situation today. Tomorrow's May Non-farm Payroll report may offer more clarity on the employment situation.
All's well. People do take profits.
At the Close, Wednesday, June 3, 2026:
Dow: 50,687.07, -620.72 (-1.21%)
NASDAQ: 26,853.98, -239.92 (-0.89%)
S&P 500: 7,553.68, -56.10 (-0.74%)
NYSE Composite: 23,276.49, -204.44 (-0.87%)
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