Daily Digest — 4 Jun 2026

Global markets faced a sharp selloff as cryptocurrencies plummeted and Middle Eastern tensions weighed on investor sentiment. Bitcoin crashed below $62,000 for the first time since February, wiping out $1.5 billion in leveraged positions as traders rotated into AI stocks and high-flying IPOs. The crypto rout dragged major tokens lower, with Ethereum falling 4% and Solana dropping nearly 6%.

Energy markets remained volatile despite oil retreating 0.7% to $95, as ongoing conflicts in Gaza continued with Israeli strikes killing nine Palestinians in residential buildings. Meanwhile, Indonesia’s rupiah hit record lows against the dollar as energy shocks from the Iran conflict cast shadows over Southeast Asian economies.

In corporate news, SpaceX announced plans for a $135 IPO that would value the company at \(1.77 trillion, potentially making it the seventh-largest US company by market cap. The tech sector saw mixed signals as [Elixir programming language introduced gradual typing](https://elixir-lang.org/blog/2026/06/03/elixir-v1-20-0-released/) in its latest release, while [Benchmark raised its first growth fund](https://techcrunch.com/2026/06/03/benchmark-raises-its-first-ever-growth-fund-as-part-of-2b-capital-raise/) as part of a \)2 billion capital raise.

Political tensions escalated in the UK as US commentators Cenk Uygur and Hasan Piker were banned from entering the country, while questions arose over missing vetting documents for former ambassador Peter Mandelson. Gold held steady at $4,500 as safe-haven demand persisted amid the broader market uncertainty.