Day: May 6, 2026

Benchmark cuts Strategy price target as Bitcoin thesis gets reset

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Benchmark has cut its 12โ€‘month price target on Bitcoin treasury company Strategy from $705 to $570, keeping a Buy rating but marking its model to a cooler Bitcoin path after a brutal drawdown in both BTC and Strategyโ€™s stock. Summary Benchmark has lowered its 12โ€‘month price target on Bitcoin treasury company Strategy from $705 to $570, according to a new client note cited in market reports. The investment bank is maintaining its Buy rating, but is trimming upside assumptions after a sharp drawdown in both Strategyโ€™s share price and Bitcoin.…

Hut 8 Stock Surges Over 30% Following $9.8B Deal

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Investors appeared to disregard Hut 8’s reported first quarter 2026 net loss of more than $253 million on Wednesday, lifting the shares of the Bitcoin mining company by more than 33%. Hut 8 attributed the loss to a reduction in the market value of its Bitcoin (BTC) holdings, which fell from a high of over $126,000 apiece in October to a low of $60,000 in February. Revenue for quarter totaled more than $71 million, down by about 22% from the previous period’s $88.4 million, according to Hut 8โ€™s earnings statements.…

Bitfinex Analysts Flag $84,766 Trigger as Bitcoin Tests $81,500 After Sharp Reversal

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Key Takeaways Bitcoin hit $82,833 on Wednesday as Trump paused Gulf ship escorts and U.S.-Iran peace talks advanced. Geopolitical swings caused $188 million in liquidations, though Bitfinex saw $375 million in spot demand. Analysts eye a close above $84,766 to sustain the rally, while a drop below $78,000 would invalidate it. Geopolitical Shifts Drive Bitcoin to Multi-Month High Bitcoin surged to another multi-month high on Wednesday, May 6, after President Donald Trump announced a pause to an operation to escort ships stranded in the Gulf. The cryptocurrency was further boosted…

Crypto-Backed Republican Candidate Wins Indiana Congressional Primary

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A Republican US House of Representatives member running for reelection has won his partyโ€™s primary after crypto-affiliated groups contributed more than $500,000 in supportive media buys. Representative James Baird won Tuesday’s Republican primary for Indiana House District 4 with more than 60% of the vote, beating challenger Craig Haggard and others. Beginning with his first term, in January 2019, Baird consistently supported legislation considered favorable to the crypto industry, including the GENIUS stablecoin act and the market structure bill, the CLARITY Act. Source: NBC News According to filings with the…

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Arthur Hayes pegs Zcash target at 10% of Bitcoin price

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BitMEX co-founder Arthur Hayes says his target for Zcash is 10% of Bitcoinโ€™s price, arguing ZECโ€™s latest rally is early innings despite mounting pressure on privacy coins. Summary BitMEX co-founder Arthur Hayes said his upside target for Zcash (ZEC) is 10% of Bitcoinโ€™s price. Hayes argued on X that ZECโ€™s current rally โ€œstill has a lot of room for growth.โ€ The call comes as privacy coins remain under regulatory pressure but periodically see sharp speculative moves. BitMEX co-founder Arthur Hayes has set an aggressive upside target for privacy coin Zcash,…

Bitcoin Tops $82K As Altcoins Push Through Key Resistance Levels

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Key points: Bitcoin is expected to face selling at $84,000, but a shallow pullback increases the likelihood of an upside breakout. Several major altcoins are showing strength at lower levels, but the bears are expected to pose substantial challenges at the resistance level. Bitcoin (BTC) rallied above $82,800 on Wednesday, but bulls were unable to hold the higher levels. However, a positive sign for the bulls is that BTC exchange-traded funds recorded $1.63 billion in net inflows in May, according to SoSoValue data. That suggests investors are building positions as…

Amina Adds Trading, Custody Support for Canton Network Token

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Swiss crypto bank Amina has added custody and trading support for Canton Coin, becoming the first regulated bank to offer services for the token tied to the Canton Network, an institutional-focused network. In a Wednesday announcement, Amina said clients will gain regulated access to the Canton Network, a public blockchain designed for capital markets and tokenized finance. The network was developed by Digital Asset and is backed by the Depository Trust & Clearing Corporation, Visa, BitGo, Goldman Sachs and Citadel. The move allows institutional clients to hold and trade Canton…

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Analyst Says Bitcoin Is Set To Close This Month In The Red, Hereโ€™s Why

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Bitcoinโ€™s recovery attempt has carried it back above $80,000 for the first time since late January 2026, giving bulls a reason to argue that the worst of the recent correction has passed. However, one crypto analyst believes the move is running directly into the level that could decide how May ends for BTC. In a technical outlook shared on X, crypto analyst Leshka warned that Bitcoin is likely to close May in the red, pointing to a bear flag structure playing out on the daily chart.ย  Why Bitcoin Will Close…