Cryptocurrency Market Plunges to $2.18 Trillion Amid Ongoing Decline

The cryptocurrency market has been experiencing a downturn, with total market capitalization hitting a low of $2.18 trillion on June 4. This represents a cumulative decline of 48% from last year's peak of $4.2 trillion.

Major coins such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) have fallen by more than 4%, with Bitcoin approaching the $60,000 mark.

The decline is attributed to several factors, including the U.S.-Iran conflict, which has led to increased crude oil prices and inflationary pressure. The Federal Reserve's rate-cut plans have also been undermined, causing a shock to the market.

Market rumors suggest that Strategy had sold Bitcoin for the first time in years, exacerbating capital outflows from U.S. spot Bitcoin ETFs.