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Why is the cryptocurrency market down today?

As of June 6, 2025, the cryptocurrency market is experiencing a decline due to a combination of factors:

1. Widespread liquidations: Approximately $964 million worth of cryptocurrency positions have been liquidated, contributing to a sharp drop in prices.

2. Public feud between Elon Musk and former President Donald Trump: The public feud between Elon Musk and former President Donald Trump has raised concerns among investors, leading to a decline in sentiment in both stock and cryptocurrency markets.

3. Whale sell-offs: Major cryptocurrency holders, often referred to as "whales," have been offloading their assets, increasing selling pressure.

4. Technical weakness and ETF outflows: Bitcoin's price has shown technical weakness, and outflows to exchange-traded funds (ETFs) have declined, indicating reduced institutional interest.