02.06.2026 22:11
The global cryptocurrency market faced a sharp sell-off amid escalating military tensions in the Middle East, inflationary pressures, and interest rate concerns. The total market capitalization of cryptocurrencies fell by 2.9% in the last 24 hours to $2.46 trillion, while the leading cryptocurrency Bitcoin lost nearly 4% of its value over the same period, dropping to $73,238.
The total value of the global cryptocurrency market, including Bitcoin, has decreased by approximately 2.9% in the last 24 hours, falling to $2.46 trillion.
NEARLY 6% LOSS IN A WEEK
According to data from analysis firm Coinmarketcap, the price of Bitcoin, the largest cryptocurrency by market capitalization, has dropped nearly 4% in the last 24 hours, reaching its lowest level since mid-April. As of 1:30 PM, Bitcoin was trading at $73,238, with its weekly loss approaching 6%.
Bitcoin thus lost 10% compared to its monthly peak of around $83,000 tested in May, and over 40% compared to its annual peak.
MIDDLE EAST TENSIONS AND INTEREST RATE CONCERNS INCREASE PRESSURE
Analysts note that renewed military tensions in the Middle East and global inflation concerns are fueling uncertainty in financial markets.
The expectation that rising energy prices could trigger inflation and force central banks to maintain high interest rates is reducing investors' risk appetite.
BILLIONS OF DOLLARS IN OUTFLOWS FROM SPOT ETFS
Massive capital outflows from spot Bitcoin exchange-traded funds (ETFs) played a significant role in Bitcoin's sideways movement in May, when tech stocks hit record highs, and its subsequent decline.
According to data from asset management firm Farside Investors, outflows overshadowed inflows in 12 of the last 14 trading days for US-based spot funds. During this period, investors made net withdrawals totaling $3.3 billion, with net cash outflows occurring for 8 consecutive days.
Bitcoin, which fell from around $126,000 in early October last year to $60,000 at the end of February, had staged a $15,000 recovery from late March to early May.