#MarketPullback The cryptocurrency market has experienced a notable pullback in early June 2025, influenced by a combination of macroeconomic uncertainties, geopolitical tensions, and high-profile events.
š Market Overview
Bitcoin (BTC): Currently trading at approximately $105,491, reflecting a modest increase of 0.7% over the past 24 hours.
Ethereum (ETH): Trading around $2,516, with a slight decline of 0.06% in the same period.
BNB (BNB): Priced at about $650.41, experiencing a minor decrease of 0.07%.
*Note: Prices are subject to market fluctuations and may have changed since the time of this report.*
š§ Key Factors Behind the Pullback
1. Geopolitical Tensions: On June 5, 2025, escalating tensions between U.S. President Donald Trump and Tesla CEO Elon Musk led to significant market volatility. President Trump's threats to terminate government contracts with Musk's companies resulted in a sharp decline in Tesla's stock price, which fell by 14.3%, erasing approximately $150 billion in market value. This development also impacted the broader market, with the Nasdaq Composite Index dropping by 0.8% and Trump Media & Technology Group (DJT) shares falling by 8.04% .
2. Macroeconomic Uncertainty: Weak U.S. GDP data and trade frictions between the U.S. and China have contributed to investor caution. The resulting risk-off sentiment has led to a general pullback in equities and cryptocurrencies .
3. Market Corrections: After reaching new all-time highs, profit-taking activities have led to significant outflows. Late-month profit-taking and renewed macro uncertainty triggered US$962 million of outflows over two days, the largest since February.
š Specific Observations
Bitcoin ($BTC ): Experienced a sharp decline, dipping to an intraday low of $100,984, as heightened political tension between Donald Trump and Elon Musk triggered risk-off sentiment across the crypto market .
Ethereum ($ETH ): Struggling to hold above $2,500 after sharp sell pressure. The political tension triggered a spike in exchange net inflows ā over 117,000 ETH in two days.
