The cryptocurrency market was hit by a wave of sharp declines and widespread turbulence during the first week of June, with red dominating digital trading platforms as major currencies lost key support levels and recorded collective losses.
In the details of weekly trading, Bitcoin, the world's most prominent cryptocurrency, fell notably, dropping from its previous level of $73,441 to settle at $61,581.61, recording a contraction of 16.15%.
Ethereum was not spared from the bleeding either, with the second-largest cryptocurrency following the downward trend, retreating from $2,015.8 to $1,598.96, bringing its weekly losses to 20.68%.
Solana led the list of losses for the current week after plummeting from the $82 level to reach $64.51, recording the largest decline at a rate of 21.33%. Dogecoin also fell from $0.0998 to $0.0828, a drop of 17.03%, while XRP likewise declined from its previous value of $1.319 to reach $1.11, a fall of 15.85%.
Traders' appetite for risk was directly affected by a series of complex political and economic events, chief among them the markets' monitoring of developments in the Iran war and its regional repercussions.
Adding to the depth of market uncertainty was the cautious anticipation surrounding the upcoming meeting of the Federal Open Market Committee, the first of its kind under new Federal Reserve Chairman Kevin Warsh.