This Wednesday, June 3, 2026, Bitcoin collapses to $66,650, a -6.6% drop on the day. Ether follows, falling to $1,856, down -7.3%. The week turns catastrophic with -12.1% for Bitcoin. Markets are in panic mode, with record volumes exceeding $50 billion in 24 hours.
This black Wednesday is fueled by a confluence of factors. First, macroeconomic fears intensify after disappointing US employment data, fueling recession speculation. Then, forced selling related to margin calls on trading platforms amplifies the decline. Bitcoin breaks through major technical levels like $70,000 and $68,000 without encountering resistance. Ether follows, losing the $1,900 support.
The impact is severe. Total crypto market cap falls below $2.5 trillion, a multi-month low. Retail investors suffer significant losses, while institutions reduce their positions. The overall sentiment is fear, with the Fear & Greed Index falling to 22, its lowest level of the year. Short-term prospects are grim, and many anticipate a test of $60,000 if the downtrend persists. The only silver lining is opportunistic buying, but it remains marginal against selling pressure.
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