On the morning of June 3rd, the Bitcoin (BTC) price hit a new low, the lowest since early April, dropping below $65.4k, losing nearly 9% from yesterday's peak. Ethereum's quotes dipped below $1815 for the first time since late February, momentarily losing almost 10% in that same timeframe.
The total crypto market cap has plummeted below $3.27 trillion, sitting just a few percent away from the yearly low reached in February (around $3.17 trillion).
Notably, many major cryptocurrencies not only did not follow Bitcoin's lead but even increased significantly in price. In the top 6 altcoins with the highest growth over the past 24 hours were Lighter (LIT), which soared nearly 20%, DeXE (DEXE) and Ondo Finance (ONDO) with a 15% increase, Zcash (ZEC) and Ethena (ENA) at 12%, and NEAR Protocol (NEAR) adding around 10%.
If many altcoins have surged without any specific news triggers, ONDO and ENA had clear announcements that preceded the price spikes. The team behind the first project announced the launch of a perpetual futures market on June 9, while the second secured a partnership with the largest US crypto exchange, Coinbase, to develop financial instruments. Additionally, the American exchange made a significant market purchase of ENA.
As of 9:40 AM MSK on June 3, BTC and ETH prices slightly recovered and are at $67,200 and $1,870 respectively. The crypto market capitalization has risen above $3.32 trillion.
In the wake of volatility over the past 24 hours, crypto exchanges liquidated the positions of 278,000 traders totaling $1.85 billion, according to Coinglass. Of this amount, more than $1.65 billion came from long positions—those who bet on rising prices. Nearly $1.3 billion in losses came from the Bitcoin and Ethereum markets.
Amidst the stress, the fear and greed index in the crypto market is in the 'extreme fear' zone, indicating a score of 11 out of 100. This suggests that market participants are leaning towards panic selling of cryptocurrencies. The previous day, the index was at 23.
During the trading session on June 2, American spot Bitcoin ETFs recorded a net outflow of $520 million. The Ethereum ETF saw a net outflow of $90 million. For Bitcoin funds, this trading session marked the twelfth consecutive session with a negative capital inflow, while ETH ETFs have seen a continuous streak of 16 trading days with capital outflows.
#Сryptomarketnews , #MarketTurbulence
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