Bitcoin’s Decline
Bitcoin’s price dropped by 2.9% in the past 24 hours. On Wednesday, June 3, Bitcoin traded around $60,148.94 (CoinGecko), with a market cap of $1.187 trillion.
Impact of Powell’s Statement
On June 2, Bitcoin fell by 2.6% to $60,600. This decline followed Federal Reserve Chair Jerome Powell’s statement about inflation. He emphasized the need for policymakers to ensure recent weak inflation figures accurately reflect the economy before lowering interest rates. May data showed a decrease in the 12-month growth rate of prices, yet it remained above the Fed’s 2% target.
Investor Outflows from Bitcoin ETFs
June 2 saw a $13 million outflow from U.S. Bitcoin ETFs, breaking a five-day streak of inflows. The 11 U.S. Bitcoin ETFs manage assets worth around $53 billion.
Ethereum and Other Cryptocurrencies
Ethereum, the second-largest cryptocurrency by market cap, traded at $3,254.14 – $3425.38 with a market cap of $395 billion. It lost 3.7% in the past 24 hours.
Other major cryptocurrencies, including Ripple’s XRP, Binance’s BNB, Cardano (ADA), Dogecoin (DOGE), and Toncoin (TON), followed Bitcoin’s trend, losing between 1.7% and 5.3% in the same period.
Notable Movements
In the top 100 cryptocurrencies by market capitalization, Fantom (FTM) and BONK (BONK) experienced the most significant declines, dropping by 15.3% and 12.8% respectively. In fact, all cryptocurrencies ranked in the top 100 by market cap traded in the red zone last 24 hours.
Liquidations on Crypto Exchanges
According to Coinglass, a service tracking trader activity on major platforms, 44,000 trader positions were liquidated in the past day. The total liquidation amount exceeded $120 million, indicating traders with leveraged positions lacked sufficient funds. Bitcoin accounted for $33 million of these liquidations, while Ethereum saw $32 million in liquidated positions.
