Crypto firmed across the board following the largest equity listing in history. The token most tied to Elon Musk traded right in line with the market.
SpaceX shares are now gaining ground after an extremely volatile debut.
The shares are now trading around $170, about 26% higher than the IPO price of $135.
Broader equity market remains higher with SPX and Nasdaq rising at least 0.5% on the day.
SpaceX's IPO started trading on Nasdaq with extreme volatility. The stock is trading around $155-$163, about 15%-21% higher than the IPO price of $135 per share.
"The Islamabad Memorandum of Understanding has never been closer," said Seyed Abbas Araghchi, Iran's foreign minister, minutes ago on X .
"Pending its finalization, the media should refrain from entering speculation about its content," he continued. "In line with our responsible and transparent approach, all details will be shared with the public in due course."
In continuing whipsaw action, the news has sent WTI crude oil to back near session lows under $85 per barrel. An earlier threatening post from President Trump had sent oil rising to above $87.
Bitcoin (BTC) is now up 2.2% over the past 24 hours at $64,100. U.S. stocks are posting modest gains as markets await the opening trades in SpaceX (SPCX) following its IPO.
One hour into the U.S. trading session, bitcoin is attempting to reclaim the $64,000 level, while U.S. equities are modestly higher as investors await the start of SpaceX-related trading activity.
AI mining stocks are benefiting from the price action, with Cipher Mining (CIFR) leading gains, up 9%. IREN (IREN) has advanced 5%, while Strategy (MSTR) and Galaxy Digital (GLXY) are both up around 4%.
Over the past few months, bitcoin and software stocks, as represented by the iShares Expanded Tech-Software Sector ETF (IGV), previously diverged significantly despite their historically strong correlation. During that period, bitcoin fell more than 20%, while IGV gained over 20%.
More recently, the relationship appears to be normalizing. Over the past five days, bitcoin has climbed 6%, while IGV has retreated roughly 16% from its recent highs, suggesting the two assets may be beginning to converge once again.
If crypto-perpetual markets are any indication, SpaceX's stock will open sharply higher today than its $135 IPO price.
On popular blockchain-based derivative exchange Hyperliquid, the SPCX-USDC perp is trading just below $177 at the moment, some 30% above the IPO price.
Meanwhile, offshore crypto exchange Binance's SPCX-USDT perp trades at $176.
These are derivative trading pairs that were listed well before the IPO, allowing traders to bet on prices ahead of the stock market debut.
Read more: SpaceX's crypto-traded IPO was sharply falling. It now points upward to a $2.4 trillion valuation
SpaceX (SPCX) remains in pre-launch trading, with indications pointing to an opening price roughly 30% above its $135 IPO price.
In total, the banks running the IPO were allocated 555.6 million shares, worth about $75 billion at the IPO price of $135 per share, according to a SEC filing.
The underwriting syndicate is led by Goldman Sachs and Morgan Stanley, which were each allocated 111.1 million shares, equivalent to roughly $15 billion at the IPO price. Meanwhile, Bank of America, Citigroup, and J.P. Morgan follow with 83.3 million shares each, valued at approximately $11.25 billion each.
Other co-managers, including Barclays, Deutsche Bank, RBC Capital Markets, UBS, and Wells Fargo, received 11.1 million shares each, representing about $1.5 billion in stock.
Several regional and international firms, including Mirae Asset, were allocated roughly 2.3 million shares apiece, valued at around $312.5 million.
SpaceX shares are indicated to open about 29% above their $135 initial public offering price on Friday, pointing to an opening price of roughly $174 per share as the company prepares to make its public market debut on Nasdaq.
The stock is expected to begin trading later in the day under the ticker SPCX, following one of the largest and most closely watched IPOs in U.S. market history.
The strong indication suggests robust investor demand for the Elon Musk-led aerospace and satellite internet company. SpaceX raised $75 billion by selling 555.6 million shares at $135 each, giving the company an IPO valuation of about $1.8 trillion. At the indicated opening price, SpaceX's market value would climb to roughly $2.3 trillion, reflecting investor optimism about its launch business, government contracts and growing Starlink satellite internet network.
"The terms that Iran leaked out to the Fake News have NOTHING to do with the terms that were agreed to, in writing," posted President Trump minutes ago on Truth Social.
"They better get their act together, and FAST!"
The news has sent WTI crude oil surging about $2 per barrel to $86.50, and stocks lower (as the market awaits the opening of SpaceX for trade).
Bitcoin (BTC) is at $63,100, flat over the past 24 hours, but down more than 1% from its overnight high.
SpaceX (SPCX) shares will reportedly be quoted at 9:50 am ET, and begin trading ten minutes later.
The Nasdaq is slipping 0.5% in early Friday action, with the S&P 500 and DJIA averages little changed.
Bitcoin is more than 1% off of overnight highs at $63,000.
More signs of capitulation in what's turned into a long, brutal bear market.
With low bitcoin prices forcing miners to take hashrate offline (or use computing power for AI needs), the Bitcoin network is expected to see its 11th-largest-ever downward difficulty adjustment on Saturday.
To review, the Bitcoin difficulty adjustment is an automated protocol mechanism that changes how hard it is to mine a new block. It recalibrates every 2,016 blocks, or about every two weeks, to ensure that the average time it takes to process and add a new block to the blockchain remains locked at exactly 10 minutes.
Downward adjustments occur when the network's overall computing power drops, and they tend to come during phases of price weakness.
For instance, the 10th-largest downward adjustment came in early February this year, just following bitcoin's plunge to $60,000. The fifth-largest came in March of 2020 right after the Covid crash (and presaged a remarkable bull market)
"I think we have now seen the low in crypto asset prices for the cycle," wrote Standard Chartered analyst Geoff Kendrick on Friday.
Two catalysts appear to be occurring on the same day, he noted: 1) The U.S.-Iran peace deal, and 2) The SpaceX IPO — which could mean the end of investors selling crypto to free up cash to buy SPCX.
For more confirmation that the bottom is in, Kendrick would like to see Strategy announce more bitcoin buys on Monday, a positive ETF inflow day today, and oil prices continuing to head lower.
Bitcoin is just above its 200-week moving average (200WMA), which is a long-term trend indicator that averages bitcoin's closing price over the previous 200 weeks and is widely viewed as a key support level during bear markets. Bitcoin is currently trading above $63,600, while the 200WMA sits near $62,000.
For the first 10 days of June, Bitcoin has been battling to maintain this level, which has historically provided support during previous market downturns. The current setup bears some resemblance to the 2015 bear market, when Bitcoin repeatedly tested the 200WMA, briefly falling below it, and then traded around the level for roughly nine months before establishing a sustained uptrend.
Similarly, Bitcoin has been hovering around its 200WMA since February, when the price dropped to around $60,000, suggesting the market is once again treating the indicator as an important area of support and price discovery.
Strategy (MSTR) Executive Chairman Michael Saylor pushed back against recent criticism in a post on X, stating: "I haven’t sold a sat. Strategy is still stacking." The comment comes amid renewed scrutiny over reports that Strategy sold 3 2 BTC , worth approximately $2.5 million, in early June. The sale sparked debate within the Bitcoin community, with some observers arguing it contradicted the company's long-standing accumulation strategy. Separately, Saylor has also engaged in discussions with industry participants regarding Strategy's latest Bitcoin acquisition and whether the company's financing approach could be dilutive to existing shareholders.
WTI crude oil is down more than 3% over the past 24 hours after President Donald Trump signaled a potential end to the Iran conflict, easing fears of supply disruptions. The U.S. benchmark has fallen below $84 per barrel, one of its lowest levels since the conflict began earlier this year, as traders reduce the geopolitical risk premium embedded in oil prices.
If a lasting agreement is reached, traders will likely shift their focus to the 200 day moving average, a closely watched technical indicator that reflects an asset's average price over the past 200 trading days and is often used to assess the long term trend. That level currently sits near $73 per barrel and could emerge as a key support zone if the decline continues.
The Nasdaq-100 rebalance takes effect on June 22, with CoreWeave (CRWV) and Nebius Group (NBIS) among the five companies being added in the index's quarterly reshuffle.
Both are key AI infrastructure plays. CoreWeave, a leading GPU cloud provider, rose 3% in pre-market trading on Friday, while Nebius, an emerging European AI infrastructure platform, gained 5%, signaling the index's continued tilt toward artificial intelligence.
The reshuffle sets the stage for an even bigger moment. SpaceX completes its IPO later today, targeting a valuation north of $1.75 trillion. Under Nasdaq's new Fast Entry rules, the company could join the index as soon as early July, an off-cycle, ad-hoc addition that would instantly make it one of the largest components in the entire index.
Nasdaq revised its methodology in last month, cutting the seasoning period from three months to just 15 trading days for any company ranking in the top 40 by market cap.
Block flows on Deribit, the leading crypto options exchange, show institutional players positioning for bitcoin (BTC) to rally and then consolidate around the $75,000 level till the end of July.
Block trades are large, privately negotiated options transactions executed over-the-counter and then reported to the exchange. Institutions favor them to avoid moving the market with their size.
This week’s notable block flows have centered on a long call butterfly for the July 31, 2026 expiry, according to data tracked platform Laevitas. The latest block flow comprised 3,100 contracts structured as 775 long the $70,000 call, 1,550 short the $75,000 call body, and 775 long the $80,000 call.
The strategy is designed to generate its maximum profit if bitcoin expires right around $75,000. It reflects expectations for a moderate upside move followed by price stability near that level through month-end, while capping risk outside the $70,000–$80,000 range.
The Bank of Japan is expected to raise its policy rate to 1% from 0.75% when its meeting concludes on June 16, the highest level since 1995, and to signal readiness to keep going.
It puts the yen carry trade back in focus, which has tended to impact crypto markets. Since decades, a cheap yen has funded leveraged bets on risk assets, crypto among them.
Higher Japanese rates and a firmer yen make that borrowing more expensive and can force an unwind that drains global liquidity. The last time the BOJ surprised with a hike, on August 5, 2024, the resulting unwind dropped bitcoin from about $64,000 to $49,000 in two days .
The move would line Japan up with the ECB, which hiked on Thursday, and a Fed that this week's energy-driven inflation has kept on hold. Policy is tightening on every front, the opposite of the easy liquidity that fuels crypto.
As such, the hike is widely expected and mostly priced, and even at 1% Japan's real rates stay deeply negative, so the carry trade is not dead. Japanese investors have kept buying foreign assets, and there is little sign of an unwind so far.
A sign of caution, however, is a hawkish forward signal landing on stretched positioning, with speculative bets against the yen back near their July 2024 levels.
Crypto is shrugging for now. Bitcoin trades up on SpaceX's IPO day near $63,000, per CoinDesk data.
Crypto users committed about $557 million to Binance Wallet's onchain SpaceX IPO subscription, spread across 27,689 addresses, according to Dune data. The product let holders deposit USDC for exposure to Friday's Nasdaq listing.
The split was lopsided. Addresses putting in $20,000 or less made up about 81% of participants but only 18% of the funds. The $20,000 to $100,000 bracket was 17% of participants and nearly 58% of the total. And 114 addresses put in $500,000 or more, the apparent cap, supplying about 10% on their own.
This is the crypto-native slice of a far bigger wave. SpaceX drew more than $250 billion in total demand, with retail orders alone above $100 billion, before pricing at $135 a share for today's debut as SPCX.
The breakdown shows how far onchain rails have moved into IPO access. The crowd is retail by headcount. The dollars still come from the big wallets.
SpaceX priced its initial public offering at $135 a share and starts trading on the Nasdaq on Friday under the ticker SPCX. The $75 billion raise is the largest IPO in history. It values the company near $1.75 trillion and puts Musk on track to become the world's first trillionaire.
Demand topped $250 billion, with retail orders alone above $100 billion.
Crypto took the cue higher. Bitcoin rose about 1.6% to roughly $63,550 and is now green on the week, per CoinDesk data, recovering the ground it lost in the early-June selloff. Solana added 3%, XRP and dogecoin each rose 2.3%, and Hyperliquid bounced 7.6% on the day.
Dogecoin barely stood out. It rose 2.3%, in line with the broad market. The token has spent years jumping on Musk and SpaceX headlines, and this was the biggest SpaceX event ever.
The real signal comes when SPCX prints its first trade. A strong debut confirms the risk-on turn, while a weak one tests it.
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Disclosure & Polices : CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.
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