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Zcash completed an emergency network upgrade after developers fixed a critical Orchard bug, while ZEC traded near $605. The Zcash Foundation said there was no evidence that the bug was exploited. The fix first disabled Orchard actions through Zebra 4.5.3 and then restored Orchard through Zebra 5.0.0 with NU6.2. ZEC rose more than 10% over 24 hours and brought its 30-day gain above 53%.

Defend Developers PAC joined crypto campaign-funding operations and plans to raise and contribute more than six figures across dozens of key midterm races. The hybrid PAC will back incumbent lawmakers who support legal protections for crypto developers and DeFi project creators. No dollar amounts have been disclosed for its initial funding.

Charles Schwab analyst Jim Ferraioli said Bitcoin is losing the momentum trade rather than falling because of Strategy's 32 bitcoin sale. He said crypto investors are shifting attention toward gold, AI-linked opportunities, IPOs and non-crypto perpetuals on platforms such as Hyperliquid.

The Fed Beige Book released on June 3 showed U.S. economic activity grew slightly in recent weeks. Employment remained largely flat, while rising energy prices from the Middle East conflict spread through the economy. The six-month outlook showed little change in growth expectations, but uncertainty and slower consumer spending weighed on sentiment.

Bitcoin dropped 2.4% midday to $65,699 as crypto fell alongside U.S. stocks on Wednesday. Brent crude rose to a 12-day high of $96 per barrel after renewed skirmishes in the Middle East. The U.S. 10-year Treasury yield rose to 4.5%, and GSR's Carlos Guzman linked the move to inflation concerns from higher energy costs. Guzman also cited Strategy's decision to sell 32 Bitcoin for $2.5 million as a driver of retail pessimism.

Treasury Secretary Scott Bessent told the Senate Finance Committee that the United States is committed to building a Strategic Bitcoin Reserve that currently holds an estimated 328,372 BTC. He said Treasury is proceeding with deliberate speed and wants durable practices for the reserve. Bessent also said he looks forward to the Clarity Act being passed this summer.

Coinbase partnered with Ethena on on-chain finance and savings products for Coinbase's 100 m+ user base. The proposed CLARITY Act's Section 404 would ban passive interest on stablecoins but preserve activity-based rewards. Coinbase reported $305.4 million in Q1 2026 stablecoin revenue, equal to roughly 52% of subscription and services revenue.

Law enforcement agencies warned World Cup fans about fake FIFA sites and ads as Chainalysis says crypto theft in 2025 reached $3.4 billion. The Los Angeles County Sheriff's Department said cryptocurrency payments are among the clearest signs of fraud. The department advised victims to contact law enforcement, notify their bank, preserve records, and report incidents to the FBI's IC3 complaint center.

Marvell shares jumped about 33% in one session after Nvidia CEO Jensen Huang called Marvell the next trillion-dollar company. The move added roughly $56 billion in market value and pushed Marvell above $250 billion. Michael Burry warned that Nvidia faces customer concentration and hidden financing risk across the AI buildout.

Mysten Labs launched Walrus Memory, a portable memory layer for AI agents, with Kostas Chalkias citing 60% improvements in some metrics. Walrus Memory lets agents carry context across apps, sessions, and providers while keeping users in control of data. The platform integrates with Claude, ChatGPT, and Gemini, and offers plugins for OpenClaw and NemoClaw.