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Cointime News Wrapup-Afternoon Version: Coinbase Exchange to Delist Binance USD, Says Stablecoin ‘no Longer Met our Listing Standards’
To smooth and facilitate the reading experience for all users, we hereby compose this wrapup, especially for users who cannot check out what’s going on in a timely manner.
Market data shows that BTC briefly dropped below $60,000, currently recovering to $61,290.9, with a 24-hour decline of 3.5%. The market is experiencing significant volatility, so please ensure proper risk management.
On June 5, Liquid Capital (formerly LD Capital) founder Yili Hua stated, "As we anticipated, US stocks have begun to correct, and expectations for interest rate cuts have changed. Trading is always the most challenging task; getting it right ten times and wrong once can lead to problems. It is essential to remain cautious and manage risks. The speed of this decline following the rebound has far exceeded expectations. However, it also comes with greater opportunities; historically, bear markets have been the time to make money, while bull markets often lead to losses."
On June 5, Fed's Harker stated that it may soon be time to adjust interest rates. Given the uncertainty, maintaining stable rates is reasonable at this time.
On June 5, U.S. President Trump stated that the recently released employment report is very strong, and the stock market should rise, not fall. This has been the case for the past 200 years. Economic growth does not mean inflation!
On June 5, according to media reports, the number of subscriptions attracted by SpaceX's initial public offering (IPO) exceeded the number of shares available.
On June 5, Brent Schutte, Chief Investment Officer of Northwestern Mutual Wealth Management, stated that the U.S. labor market has moved away from the weak and limited growth experienced in 2025, showing signs of recovery and broader expansion. In 2025, the non-cyclical healthcare and social assistance sectors contributed to all job growth. The diffusion index, which had been below 50 for nine months in 2025, has rebounded to above 50 in the last five months, reaching 54.4 in May. The good news for consumers is that the labor market is strong and employment is stable. However, concerns about future spending arise as real wages are experiencing negative growth, with average hourly earnings up 3.4% year-on-year and inflation at 3.8%. The Federal Reserve may lean towards a wait-and-see approach, but its focus is likely to shift towards the inflation aspects of monetary policy.
The Nasdaq China Golden Dragon Index has declined by 2%, with Baidu (BIDU.O) dropping nearly 7%, NIO (NIO.N) and Xpeng Motors (XPEV.N) falling over 3%, and Alibaba (BABA.N) decreasing by 1.3%.
On June 5, spot silver fell below $70 per ounce for the first time since April 7, with a daily decline of 5.4%. Spot gold also dropped over $100 in a day, currently priced at $4,375.35 per ounce, reflecting a decrease of 2.24%.
On June 5, US optical communication concept stocks collectively declined, with Mavenir Technologies and Nokia falling over 8%, Ciena and Coherent dropping over 7%, Corning decreasing over 6%, and Lumentum falling over 4%.
Web3 data and AI company Validation Cloud announced a $10 million financing round from True Global Ventures. The company plans to use the funds to expand its AI products and achieve seamless access to Web3 data.
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