On June 2nd, major cryptocurrencies mostly traded lower. Bitcoin experienced a continuous and volatile decline, successively breaking through several key support levels and briefly falling below $66,000.
As of the time of reporting, Bitcoin had plunged over 6% to $66,364.9 per coin, marking a year-to-date decline exceeding 24%. Ethereum and Dogecoin both fell more than 8%, while Solana saw a drop of over 9%.
According to data from CoinGlass, over the past 24 hours, more than 270,000 traders globally faced liquidation, with the total liquidated amount reaching $1.837 billion.
The market turbulence coincided with a sharp escalation in tensions between the United States and Iran from late June 2nd into the early hours of June 3rd, with reports of repeated exchanges of fire.
Iran's Islamic Revolutionary Guard Corps reportedly launched missile and drone attacks targeting the headquarters of the U.S. Navy's Fifth Fleet in Bahrain and U.S. military bases in other Middle Eastern countries, including Kuwait. These actions were described as retaliation for prior U.S. strikes on an Iranian-linked oil tanker and an airstrike on a communications station on Iran's Qeshm Island.
The U.S. military stated it conducted a "defensive" airstrike on Qeshm Island and claimed to have successfully intercepted all incoming weapons, while denying that its bases were hit. Airports in Bahrain, Kuwait, the United Arab Emirates, and other nations have suspended operations.
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