On June 6, the total cryptocurrency market cap fell by 2.30% to $3.21 trillion, primarily influenced by a public feud between US President Donald Trump and billionaire Elon Musk. This spat triggered panic selling among investors, leading Bitcoin to drop 5.2% before recovering slightly. Ether, XRP, Solana, and Dogecoin also saw significant losses with Dogecoin losing 9% of its value. Over the same period, around $980 million in crypto futures were liquidated, including $874 million in long positions, marking one of the largest single-day liquidations since February. This situation exacerbated the downward pressure on prices, resulting in heightened fears among market participants. Technically, the market broke below critical support levels, with analysts indicating that if the total market cap falls below $3.12 trillion, it could drop further towards $2.9 trillion. Investors are closely monitoring support levels to gauge potential recovery.

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