Crypto News Today: XRP Utility Expands, Humanity Protocol Crashes 80%, and 200+ Firms Back Clarity Act

After one of the worst weeks in crypto history, the market is finally recovering. Bitcoin and Ethereum are both up around 2% in the last 24 hours. Bitcoin now trades above $63,000. Ethereum is just below $1,700, trying to break back above that level.

The total crypto market cap added roughly $100 billion overnight. Leveraged liquidations have slowed. The panic selling that defined the past ten days appears to be taking a breather.

Let us dig into the crypto news today – the on-chain signals that called the bottom, a brutal hack, new XRP utility, SBF’s pardon request, Tom Lee’s big ETH buy, and a shocking stock market metric.

Santiment Report: MVRV Buy Zones Worked Perfectly

Between the disastrous crypto market freefall from mid‑May to early June, there was enough “blood in the streets” for networks to begin flashing justified buy signals for several top assets. So far, the MVRV metric is working to perfection.

Santiment’s 30‑day MVRV measures the average profit or loss of traders who entered positions over the past month. It is one of the most reliable gauges of whether market participants are becoming excessively euphoric or fearful. As prices collapsed, five major assets fell into zones where the average trader was well underwater:

• Bitcoin fell to -10% average returns (Fair Buy Territory)
• Ethereum dropped to -12% (Fair Buy)
• Chainlink hit -9% (Fair Buy)
• XRP reached -8% (Fair Buy)
• Cardano plunged to roughly -18% (Strong Buy)

When the average trader sits on significant losses across networks that normally hover near 0% (a zero‑sum game), selling pressure often becomes exhausted. Weak hands capitulate. Long‑term investors begin accumulating.

Chart Analysis: The Bounce Has Already Started

The attached Santiment chart shows the 30‑day MVRV for Bitcoin, Ethereum, Cardano, XRP, and Chainlink from March 7 to June 8, 2026. The right edge of the chart tells the story.

Each asset’s MVRV line dipped into negative territory during the crash. Cardano went deepest, touching -18% – the chart labels that as “Strong Buy.” Bitcoin hit -10%, Ethereum -12%, XRP -8%, and Chainlink -9% – all marked as “Fair Buy” zones.

Since those lows, every line has started curling upward. Prices have predictably begun bouncing after hitting those historic buy zones. The chart reinforces a pattern that has repeated throughout multiple market cycles. No indicator guarantees immediate gains, but the recent bounce suggests average trader pain had reached levels severe enough to create favorable risk‑reward conditions across much of the crypto market.

Humanity Protocol Crashes 80% After $19 Million Drain

Not all crypto news today is positive. Humanity Protocol (H) suffered a devastating exploit.

Onchain analyst Specter reported that wallets linked to or previously interacting with Humanity Protocol may have been compromised. More than 17 wallets holding H tokens have been drained so far, with total losses exceeding $19 million. Funds were traced to multiple suspected attacker addresses.

The root cause remains unknown, though affected wallets may share a common exposure related to Humanity Protocol. Following the incident, the H token plunged sharply, with intraday losses exceeding 80%.

The team has not yet released an official post‑mortem. Investors are advised to revoke any approvals linked to Humanity Protocol contracts until more information emerges.

Ripple CTO: XRP Utility Expanding Beyond Payments

In brighter news, Ripple CTO emeritus David Schwartz said XRP utility is expanding beyond payments as the XRP Ledger adds support for tokenized stocks, funds, repos, and loans.

Schwartz’s comments reinforce what CheekyCrypto and other analysts have been saying. The XRPL is positioning itself as a settlement layer for real‑world assets, not just cross‑border payments.

With the EVM sidechain now live and RLUSD expanding across chains, XRP’s role as a bridge asset continues to grow.

SBF Seeks Trump Pardon and Tom Lee’s BitMine Buys Ethereum

Breaking news: FTX co‑founder Sam Bankman‑Fried has applied for a pardon from US President Trump over his billion‑dollar fraud conviction. Bankman‑Fried is currently serving a 25‑year sentence.

Trump has not yet commented on SBF’s formal request. Given Trump’s previous criticism of SBF and the FTX collapse, the odds of a pardon appear very low. But the news alone generated buzz across crypto social media.

Tom Lee’s Bitcoin mining firm, BitMine, just made a massive Ethereum purchase. The company bought 126,971 ETH worth roughly $213 million at current prices.

That is a significant institutional vote of confidence in Ethereum despite the recent crash to $1,500. BitMine clearly sees value at these levels. The purchase size – over $200 million – is large enough to move sentiment among retail traders watching for big money entry points.

Crypto Industry Rallies Behind Clarity Act

More than 200 crypto organizations, including Coinbase, Ripple, Kraken, Circle, a16z, and Binance US, signed a joint letter urging Senate leaders to advance the Clarity Act. The industry argues the bill would provide regulatory clarity, establish a federal market framework for digital assets, and help keep crypto innovation and investment in the United States.

The push for a Senate vote comes as the US risks falling behind other jurisdictions that have already passed clear crypto legislation. Whether the Clarity Act moves forward before the election remains uncertain, but the coordinated industry effort is notable.

US Stock Market Cap‑to‑GDP Hits Record 238%

Outside crypto, another record has been set. The US stock market cap‑to‑GDP ratio is now at a record 238%. The stock market’s value surged to an all‑time high of $75.7 trillion, far exceeding the roughly $31.8 trillion size of the US economy.

This ratio has surged 38 percentage points since the March 30th bottom in the S&P 500. It is now 90 percentage points above the 2000 Dot‑Com Bubble peak of about 148%. Since the 2008 Financial Crisis, the US stock market has grown at five times the rate of the underlying economy.

Asset owners are winning more than ever. But history suggests such extreme valuations rarely end well.

Our Take on Crypto News Today: Bounce Confirmed

The MVRV buy zones worked. Bitcoin and Ethereum bounced as predicted. The $63,000 and $1,700 levels now act as near‑term support. If the bounce continues, Bitcoin could test $68,000 and Ethereum $1,850 in the coming days.

However, the broader macro picture remains fragile. The stock market cap‑to‑GDP ratio at 238% is a flashing warning. Humanity Protocol’s 80% crash reminds us that crypto carries unique risks. And SBF’s pardon request, while likely going nowhere, adds another layer of political noise.

Long‑term buyers who entered the -10% to -18% MVRV zones are sitting on paper gains. The question now is whether this is a dead cat bounce or the start of a real recovery. The Clarity Act, institutional buys like BitMine’s ETH purchase, and XRP’s expanding utility all support the bull case.

But until the Fed signals a clear dovish turn, crypto remains vulnerable to another leg down.

FAQs

What happened to Humanity Protocol

Over 17 wallets linked to Humanity Protocol were drained for more than $19 million. The H token crashed over 80% as a result. The root cause is still unknown.

What is happening with crypto today

Bitcoin has steadied in the $62,000–$63,000 range after last week’s crash, with ETF flows turning positive for the first time in 15 days and Ethereum holding near $1,660. The recovery follows the MVRV metric which correctly called the bounce after Cardano (-18%) and Bitcoin (-10%) entered historical buy zones last week.

What is the next big news for crypto

The US Senate vote on the Clarity Act is the most immediate catalyst, with over 200 crypto firms including Coinbase and Ripple pushing for a vote. Also, Kevin Warsh’s first Fed meeting on June 17 will shape rate policy, with Kalshi traders pricing a 59% chance of Bitcoin hitting $50K before $100K this year.