Cryptocurrency Market Downturn on June 1 Amid Ongoing US-Iran Conflict

The cryptocurrency market has started June on a precarious note, with Bitcoin losing key support at $73,000 and trading around $72,700. The total crypto market cap has also lost -1.4% overnight and is close to losing the key psychological support level of $2.5 trillion.

Ethereum (ETH) has performed worse, down -2.5% in the past 24 hours, with a trading price of $1,975 after losing key support at $2,000. This comes as Ethereum saw $18M in outflows on May 29 and Bitcoin experienced more than $118M in outflows.

The ongoing US-Iran conflict has caused market volatility, with the Fear & Greed Index sitting at 29/100 (Fear). Historically, the best buying opportunities have come when the index is at these levels. However, with so much uncertainty in the world right now, the market could remain volatile longer than traders can stay solvent.