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The cryptocurrency market has experienced a significant downturn in recent days, primarily due to a combination of regulatory actions, macroeconomic pressures, and security concerns. On May 31, 2025, China's government imposed a complete ban on cryptocurrency trading and mining, leading to a sharp 10% drop in global crypto prices within 24 hours . Additionally, geopolitical tensions and economic uncertainties have further dampened investor sentiment .
Despite support from political figures at the 2025 Bitcoin Conference in Las Vegas, such as Vice President JD Vance, Bitcoin's price declined by 2.2% to $107,800, with other major tokens like XRP and Solana also experiencing losses . Furthermore, security breaches, including the $1.5 billion hack of Bybit's hot wallet in January 2025, have shaken investor confidence .
These factors have resulted in a broader market capitalization decline, with the total crypto market cap falling to $3.34 trillion as of May 30, 2025 .
As of June 2, 2025, Bitcoin (BTC) is trading at $105,539, Ethereum (ETH) at $2,508.61, and XRP at $2.17.
Investors are advised to remain cautious and stay informed about ongoing regulatory developments and market trends.