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BlockBeats News, June 7th, according to an exchange market data, the crypto market remains in a low-range consolidation phase, with Bitcoin currently trading at $60,785 and Ethereum at $1566. The total market capitalization of cryptocurrencies has slightly rebounded by 0.6% in the past 24 hours, now standing at $2.176 trillion. BNB is currently priced at $574, SOL at $62.4, and HYPE at $57.2. ZEC is at $370, having briefly dropped to $250 after the disclosure of an infinite issuance bug, and has since rebounded by about 48% from its recent low. Zcash is planning to launch the Ironwood upgrade at the end of July, introducing new privacy pools and enhancing the overall supply auditability.

BlockBeats News, June 7th, as the agreement for oil tanker passage through the Strait of Hormuz remains elusive, global oil inventories are plummeting to dangerously low levels. Industry executives and analysts warn that we may see another oil price shock in the coming weeks, with the severity significant enough to spill over into broader financial markets. JPMorgan Chase predicts that unless the strait passage returns to normal, oil prices could spike rapidly in late June. U.S. crude inventories have fallen for eight consecutive weeks, reaching the lowest level since February 2024. Analysts point out that the risk of a second round of price shock is very real and could stem from the depletion of buffer mechanisms rather than the strait's closure itself. Investors believe that the Strait of Hormuz has become a persistent geopolitical bottleneck, and even if tensions ease, oil prices are unlikely to drop below $70. Higher oil prices pose a "mild headwind" to the U.S. economy, but Europe and Asia are more vulnerable to sustained energy inflation. If crude oil rises to $120 per barrel and remains at that level for a year, U.S. economic growth could slow by around 0.4 percentage points.

BlockBeats News, June 6th. Despite Terraform Labs founder Do Kwon being sentenced to 15 years in prison for causing the $40 billion Terra crash, the abandoned original chain Terra Luna Classic (LUNC) has not disappeared. A group of community members are still actively maintaining the network and are hopeful to achieve one of the greatest revivals in the history of the cryptocurrency industry. Reports indicate that a community core member, known as "Vegas," lost about $50,000 during the Terra crash. Since then, Vegas has been actively participating in validator node operation, proposal governance, and developer coordination. He stated that despite long-term internal power struggles and fraud accusations, and even being maliciously reported to the authorities, he still believes LUNC has the potential to return to the top ten of the cryptocurrency industry. After the Terra crash in 2022, Terraform Labs launched a new chain, Terra, through a hard fork, while the original chain was preserved and renamed as Terra Luna Classic. Subsequently, the community organization Terra Rebels took over the maintenance work and introduced a series of proposals, including a 1.2% burn tax, in hopes of revitalizing the ecosystem. However, due to fund allocation and governance disputes, Terra Rebels eventually disbanded, and multiple developers left one after another. Nevertheless, the community continues to advance projects such as lending protocols, games, and meme coins, and attempts to restore the stablecoin peg mechanism. Data shows that LUNC has risen by 17.3% in the past year, but has dropped by 28.7% since 2022, with a total decline of 99.99% from its all-time high of $119. Some community members expressed that the shared trauma of the crash has formed a "family"-like bond among them, and price is no longer the sole focus. "What if we could achieve one of the greatest comebacks in crypto history? This is like a last-ditch Hail Mary pass," one community member said.