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Cardano Foundation canceled the 2026 summit after its 7.8 million ADA treasury proposal secured 65.21% support
Japan’s LDP Blockchain Technology Promotion Group proposed promoting yen-pegged stablecoins for Asian settlements
Ethereum slipped near $1,991 as weak US spot demand and a negative Coinbase premium signaled stronger selling pressure
The crypto market saw major developments as the Cardano Summit 2026 was canceled, while Japan started pushing for yen-pegged stablecoins and crypto exchange traded funds. Meanwhile, AlphaPepe’s presale hit $1.43 million. Sui mannet halted for the third time and Ethereum slipped below the key $2,000 support.
The Cardano Foundation confirmed that the summit would be cancelled after a treasury funding proposal failed to secure the required supermajority of delegated representative (DRep) stake.
Voting concluded on May 29, with the revised proposal requesting 7.8 million ADA, valued at approximately $2 million, to host the event in Singapore, but secured only 65.21% support.
Although a majority of delegates voted in favor and the Constitutional Committee approved the measure, Cardano’s governance rules prevented it from passing.
After the vote, the Foundation confirmed it would respect the community’s decision and discontinue plans for the summit.
According to Reuters, Japan’s Liberal Democratic Party (LDP) Blockchain Technology Promotion Group submitted a proposal to Financial Services Minister Norikazu Tanaka on Monday, recommending that Japan promote the yen-pegged stablecoin for settlements across Asia and establish a legal framework permitting trading of cryptocurrency ETFs.
The proposal states that cryptocurrency ETFs would provide investors with an easily understandable investment vehicle.
LDP lawmaker Junichi Kanda said Japan plans to promote the yen-pegged stablecoin and blockchain innovation initiatives during the Asian Development Bank’s annual meeting, which Japan will host in May next year.
Currently, Japan’s three major banks have launched a joint stablecoin issuance experiment with support from the Financial Services Agency.
AlphaPepe has announced that its presale has crossed $1.43 million in total capital raised.
Stage 17 is active at $0.01822, and the holder count has now passed 9,100 before public trading begins, and a completed 10/10 BlockSAFU audit continues to support the project ahead of its planned Q2 2026 exchange debut.
That continued growth shows the presale is building beyond early launch attention and moving through stage progression, community expansion, and product development ahead of the planned Q2 2026 exchange debut.
The stage-based structure gives participants a visible path as the launch window tightens.
BlackRock Inc. has seen the value of its crypto portfolio drop by more than $13 billion in the first five months of 2026.
BlackRock’s crypto portfolio has declined by $13.83 billion year-to-date (YTD), down from $78.36 billion on the first day of 2026 to about $64.53 billion on June 1.
As such, BlackRock’s crypto value has dropped by 17.65% YTD, according to data from Arkham Intelligence.
At the start of this year, BlackRock’s iShares Bitcoin Trust (IBIT) held Bitcoin (BTC) worth $68.05 billion, but that total has since dropped to $58.44 billion as of the time of reporting. As such, IBIT’s BTC value has declined by $9.61 billion year-to-date, which represents a drop of about 14.2%.
Sui mainnet experienced three separate transaction-processing failures on 28 and 29 May 2026, all stemming from a gas-charging logic bug introduced in the v1.72 protocol upgrade, compounded by a conflict with the Address Balances feature.
The first halt began on 28 May at 07:15 PDT and lasted approximately six hours before validators deployed an initial patch, and the network resumed.
A second disruption followed on 29 May when validators upgraded to that same patch, pausing block production for approximately 3.5 hours.
Sui Network confirmed the first patch carried a known low-probability failure condition a calculated risk that the recovery process ultimately triggered.
Ethereum price traded near $1,991 at press time after slipping under the psychological $2,000 threshold for the first time in months.
The move came amid persistent selling pressure across US markets, with traders growing increasingly defensive as risk appetite deteriorated across both crypto and traditional assets.
A sharp decline in American spot demand appears to be one of the immediate drivers behind the breakdown.
Market participants have pointed to a deeply negative Coinbase premium, a metric that compares ETH prices on Coinbase with offshore exchanges. The premium’s move into negative territory suggests US-based selling has outpaced global buying interest, removing an important source of support around the $2,000 area.
1. Why was Cardano Summit 2026 canceled?
Cardano Summit 2026 was canceled after the treasury funding proposal failed to secure the required supermajority of delegated representative stake. The proposal sought 7.8 million ADA, worth around $2 million, but received only 65.21% support.
2. What is Japan proposing for yen stablecoins?
According to Reuters, Japan’s LDP Blockchain Technology Promotion Group proposed promoting yen-pegged stablecoins for settlements across Asia. The proposal also recommends creating a legal framework for cryptocurrency ETFs.
3. How much has AlphaPepe raised in presale?
AlphaPepe’s presale has crossed $1.43 million in total capital raised. Stage 17 is active at $0.01822, while the holder count has passed 9,100 ahead of its planned Q2 2026 exchange debut.
4. Why did BlackRock’s crypto portfolio fall?
BlackRock’s crypto portfolio declined by $13.83 billion year-to-date, falling from $78.36 billion to around $64.53 billion. According to Arkham Intelligence, this represents a 17.65% drop in 2026.
5. Why did Ethereum fall below $2,000?
Ethereum slipped below $2,000 amid broader selling pressure and weaker US spot demand. A deeply negative Coinbase premium suggests US-based selling outpaced global buying interest, weakening support near the $2,000 level.
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