1 June 2026 PM: Banks push back on US crypto bill as Bitcoin slips

Crypto markets turned softer into the early afternoon as Bitcoin drifted down to $72,100 and traders weighed the latest push and pull between banks and crypto firms in Washington. The headline was not a sudden shock in prices so much as a sense that regulation and market structure are still being fought over in public, which tends to keep risk appetite restrained.

Total crypto market value sits around $2.57T, with Bitcoin holding roughly 56.4% dominance. The Fear and Greed Index is 29, in Fear territory, a daily sentiment snapshot that blends signals like price momentum and social media activity.

Bitcoin: $72,100 (-2.5% over 24 hours).

Bitcoin has slipped since this morning’s update, which you can read here, and the tape still looks heavy across most time windows. That does not tell you where the price goes next. It tells you the balance of pressure has been on the sell side today.

In quiet sessions, the market often reacts less to a single headline and more to the background noise: where rates expectations are heading, whether equities feel stable, and how traders interpret upcoming data. When that backdrop is uncertain, Bitcoin can drift lower even without a new crisis.

So what: a softer Bitcoin into the afternoon is a reminder that sentiment is still fragile, and that policy uncertainty can weigh on risk assets even when the news is not immediately price specific.

Ethereum: $1,979 (-2.2% over 24 hours).

Ethereum has moved with the broader market rather than setting the tone. When Bitcoin is under pressure, ETH often struggles to attract independent bids unless there is a clear network or ecosystem catalyst that traders can point to.

For long term holders, the question is usually less about a single day’s percentage move and more about whether activity, fees and usage are picking up. For short term traders, ETH tends to behave like a higher beta version of Bitcoin in risk off moments.

So what: if ETH is sliding alongside BTC, it suggests the market is trading macro mood rather than coin specific narratives.

BNB: $691 (-4.6% over 24 hours).

BNB has been one of the weaker large caps today. Tokens tied to large platforms can move with the wider market, but they can also react to sentiment about regulation, compliance and the business environment around exchanges.

That matters because a big slice of crypto trading and liquidity still runs through a handful of centralised venues. When the policy debate turns to what counts as bank like behaviour, exchange linked assets can get caught in the crossfire.

So what: underperformance in exchange tokens can be a sign that traders are treating policy headlines as a real risk, not just background noise.

Solana: $80.61 (-2.6% over 24 hours).

Solana has faded with the rest of the market. In recent months it has often been the coin that moves most when risk appetite is strong, which also means it can feel the downside more sharply when sentiment cools.

If the market turns defensive, traders tend to rotate toward the largest names and reduce exposure to assets they see as more sensitive to liquidity conditions. Solana can fall into that category even when the underlying development story is unchanged.

So what: a softer Solana alongside a weaker Bitcoin is another signal that the session is being driven by mood and liquidity, not excitement.

XRP: $1.30 (-3.0% over 24 hours).

XRP has also edged lower. When the market is focused on regulation, traders sometimes lump a wide range of assets together under a single umbrella of policy risk, even though the details differ by project and jurisdiction.

For readers, the practical point is that regulatory headlines can push correlations higher. In those moments, individual coin stories matter less than the overall risk tone.

So what: if XRP is moving with the pack, it reinforces the idea that the market is trading the macro and policy backdrop today.

The bigger story: the US market structure debate is back in view.

US banks and crypto firms are still arguing over how a market structure bill should treat stablecoin rewards. In recent reporting, JPMorgan chief executive Jamie Dimon warned that banks would not back an approach they believe lets crypto platforms offer deposit like returns without bank style safeguards. The details matter, but the headline for markets is simpler: the route to clear rules is still contested.

For crypto prices, that uncertainty can act like a ceiling on enthusiasm. Even if a bill is intended to bring clarity, disagreements over incentives, consumer protections and who gets to offer what products can stretch the timeline and keep traders cautious.

If you want a plain English refresher on how regulation shapes crypto market plumbing, the Crypto Decoded archive is a good place to start.

What to watch into this evening: whether Bitcoin can stabilise after the afternoon dip and whether sentiment remains stuck in fear territory.

If prices stay heavy, the next question is whether this turns into a broader risk off move across equities and high beta assets, or whether crypto simply drifts while traders wait for the next macro trigger. If prices firm, it would suggest today’s selling was more about positioning than panic.

Crypto Daily is Cristoniq’s afternoon update on cryptocurrency markets, published every weekday for informational purposes only. Nothing here is financial advice. Always do your own research before making any investment decisions.