SOME MAJOR REASONS TO WATCH OUT
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The crypto market is experiencing a downturn today, June 6, 2025, with the total market capitalization falling by 2.30% to $3.21 trillion. Several factors are contributing to this decline ¹:
- *Public Spat Between Trump and Musk*: A recent public feud between US President Donald Trump and billionaire Elon Musk has triggered a risk-off mood among investors, leading to a sell-off in the crypto market. Bitcoin dropped by as much as 5.2% to $100,400 before recovering to $103,200.
- *Significant Long Liquidations*: The futures market has seen substantial liquidations, totaling $979.9 million in the last 24 hours, with $874 million in long positions being liquidated. This intense selling pressure is exacerbating price drops.
- *Weak Technical Structure*: The crypto market's technical structure is currently weak, with the total market cap breaking below multi-week support at around $3.25 trillion. If it drops below $3.12 trillion, the market risks falling toward $2.9 trillion.
Some of the major cryptocurrencies affected by the downturn include ¹:
- *Bitcoin ($BTC )*: Down 3.02% in the last 24 hours, with a significant $342.9 million in liquidations.
- *Ethereum ($ETH *: Down 4% in the last 24 hours, with $285 million in liquidations.
- *Dogecoin ($DOGE )*: Down 9% in the last 24 hours, with $27 million in liquidations.
- *XRP*: Down 4% in the last 24 hours, with $23 million in liquidations.
- *Solana (SOL)*: Down 5.2% in the last 24 hours, with $50.3 million in liquidations.