Global crypto markets slump as Bitcoin hits $61,000
PUBLISHED Jun 6, 2026, 5:56 AM ET
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MANILA – Global cryptocurrency markets saw a sharp downturn on June 6, 2026, as widespread selling, forced liquidations, and institutional pullbacks drove Bitcoin down to $61,000, a drop of more than 25 percent over the month. During early trading, Bitcoin briefly hovered near $63,000 and $65,708 before resuming its decline, mirroring a broad contraction across digital assets. Ethereum fell 9.10 percent in 24 hours to below $1,900, while market data on 390 tokens showed 363 declining and only 27 gaining. Major altcoins also retreated, with XRP sliding 3.67 percent to $1.16, Solana falling 4.80 percent, and Zcash dropping 8.49 percent, as technical indicators pointed to the risk of further downside for several large-cap names. MANILA – The sell-off hit smaller tokens even harder, with PHBUSDT plunging 70.00 percent, ATAUSDT down 53.85 percent, ACAUSDT falling 51.35 percent, DEGOUSDT dropping 50.88 percent, and SXPUSDT losing 45.00 percent, while DENT, FIOUSDT, FORTHUSDT, Neutron, and Dar Open Network all recorded declines of more than 30 percent. A handful of assets bucked the trend, led by Babylon, which gained 30.56 percent, PONDUSDT, up 24.04 percent, and KDAUSDT, which rose 17.65 percent. Analysts attributed the market-wide slump to a massive capital rotation out of cryptocurrencies and into artificial intelligence-linked investments and traditional equities, with about $400 billion withdrawn from the digital asset ecosystem as investors reduced risk and rebalanced portfolios.
By James Porter | JQJO News
Timeline of Events
- Past month Bitcoin declines over 25 percent
- June 6, 2026 Early trading Bitcoin nears $65,708 support
- June 6, 2026 Bitcoin falls sharply to $61,000
- June 6, 2026 Ethereum drops below $1,900 level
- June 6, 2026 363 of 390 tracked tokens decline
- June 6, 2026 Several small-cap tokens lose over 50 percent
- June 6, 2026 XRP, Solana, Zcash register notable losses
- June 6, 2026 Minority of tokens, including Babylon, gain
News Intelligence
- This crypto market slump affects your investments. If you're invested in Bitcoin or other digital assets, you've likely seen a drop in value. It's a good time to review your portfolio and risk tolerance. Consider diversifying if you're overly concentrated in crypto.
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