Cryptocurrency Market Faces Decline Due to Stalled US-China Trade Talks

The cryptocurrency market cap dropped by 2.60% to $3.34 trillion on May 30, influenced by halted US-China trade discussions. Over $683.4 million in crypto futures were liquidated, with $617.85 million in long positions, intensifying selling pressure. The total market cap risks falling towards $3.1 trillion after breaking a descending channel. Factors like US Treasury Secretary's comments on stalled negotiations triggered a market downturn. Bitcoin fell by 2% to $104,600, leading to panic selling. Ether, XRP, Solana, and Dogecoin also experienced losses. Stalled talks may prolong geopolitical tensions, impacting investor confidence in assets like Bitcoin. Liquidations totaling $683.40 million occurred in the futures market, with significant long positions being wiped out. The market's decline is evident in technical indicators like RSI dropping to 52, suggesting downward pressure. If the market falls below $3.22 trillion, it could head towards the 200-day SMA at $3.1 trillion. Read more AI-generated news on: https://app.chaingpt.org/news