key points:
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The total crypto market cap fell by 2.30% to $ 3.21 trillion on 6 June, fuel from Trump-Mascul’s quarrel.
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Crypto futures lured over $ 980 million with $ 874 million to strengthen the intensity of sales pressure.
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The total crypto market cap risk is falling towards $ 2.9 trillion after breaking down a descending parallel channel.
The joint assessment of all cryptocurrency has fallen by about 2.30% in the last 24 hours in the last 24 hours to reach $ 3.21 trillion in the last 24 hours.
Let’s look close to the factors running the Crypto market today.
Trump-Mascion Fuud Fuel Crypto Cell-Off
Crypto prices started falling during late New York Trading hours on 5 June after a public spat between US President Donald Trump and billionaire Elon Musk.
Two billionaires united during the 2024 US presidential election exchanged very fast comments online, triggering a risk-to-mood among investors.
Musk targeted Trump’s recent expenditure bill, dubbed the beautiful bill and Lining Asks for his impeachment.
Trump responded with strong comments about the economy, Saying The abolition of Musk’s government subsidy and contracts will save the “billions and billions of dollars” for the US government.
In response, Bitcoin (BTC) decreased by 5.2% as $ 100,400 on Bistamp before recovering from existing levels above $ 103,200. The decline in BTC increased the nervousness with the fall in cryptocurrency prices among crypto investors.
Ether (Eth) decreased as $ 2,384 on 6 June, marking 4% deficit in the last 24 hours. XRP (XRP) and Solana (SOL) also saw significant losses, 4% and 5.2% below respectively.
Dogecoin (DOGE), a memecoin is usually associated with Elon Musk, to lose 9% of its value in the last 24 hours, bore the silence of the sold-off.
Crypto market is suffering from $ 980m in liquidation
The sale of the Cryptocurrency Market coincides with a wave of liquid in the futures market today, Total $ 979.9 million in the last 24 hours.
In particular, the futures market saw a long liquidity of $ 874 million, the largest single-day liquidation since 25 February. Small traders saw much less liquidation in $ 105 million.
Bitcoin and Ether led the loss with a liquidation of $ 342.9 million and $ 285 million respectively. Solana chased with $ 50.3 million, while Dogcoin and XRP saw a liquidation of $ 27 million and $ 23 million respectively.
This scale of liquidation increases the price decline and creates fear among other market participants, causing further sales pressure.
Connected: If bitcoin hits $ 112k, it has been decided to have a huge impact on
Analysts are now focusing on major support areas for major cryptocurrency, in which Cryptocvent analyst Axler Jr. said that the nearest support for bitcoins is now in the short -term holder (STH), which has realized a price of about $ 97,500.
After yesterday’s explosive clash between Elon and Donald, Bitcoin Futures Market watched $ 324 million in a long -standing liquidation. The nearest support for STH feeling value is $ 97.5. pic.twitter.com/hjk7ztgvgu
– Axle 💎🙌 Adler JR (@Axaladlerjr) June 6, 2025
Technical breakdown of crypto market
From a technical point of view, the ongoing decline of the Crypto market is occurring after breaking down with multiplication support at the level of $ 3.25 trillion.
The chart below shows the market re-showing the major support around $ 3.12 trillion, where 50-day and 200-day simple moving averages (SMAS) converge. Note that the last time the total – the joint market capitalization of all cryptocurrency – fell below this level, on February 24, trigger the price fall by 26%.
The Relative Strength Index (RSI) has fallen to 45 from the position of overbott at 79 on May 10, suggesting the pressure downwards.
If the total falls below $ 3.12 trillion, the market risk falls towards the $ 2.9 trillion towards the 100-day SMA.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
