Cryptocurrency Markets Experience Significant Downturn

Cryptocurrency markets experienced a significant downturn on June 5, with Ethereum (ETH) reaching a new low of $1,625. This marks the lowest level since April 2025, representing an 8% drop from the previous day's price.

Bitcoin (BTC) also declined by around 5%, sliding to near $60,800 and extending its losing streak to six consecutive days. This is the longest such stretch for Bitcoin since August 2025.

The selloff was not isolated to ETH and BTC, with other cryptocurrencies like Zcash (ZEC) experiencing significant losses. ZEC plummeted more than 50% due to a critical security vulnerability, marking its largest single-day loss since May 2021.

Monero (XMR) also declined by as much as 17% during the same period.

The decline in cryptocurrency prices can be attributed to macroeconomic factors, including sustained capital outflows from US spot exchange-traded funds tied to digital assets. The weakening of crypto's tendency to move in lockstep with high-performing technology stocks is also a contributing factor.