Bitcoin declined on Wednesday, following a broad sell-off across risk assets, as renewed military action between the United States and Iran undermined hopes for a peaceful settlement in the Middle East.
$BTC changed hands at $61,233 on Wednesday, down 3% over 24 hours and 6.9% on the week, while gold fell 2% to below $4,200 an ounce. The market is betting on higher interest rates and is punishing assets like Bitcoin and crypto that do not pay one.
Since reaching their January peaks, the combined market value of gold and silver has shrunk by $1 trillion: on June 5, gold traded at around $4,331 per ounce, while silver traded at around $67.30, even though active geopolitical conflict and above-target inflation traditionally support higher precious metals prices.
This week, Bitcoin fell to its lowest level of 2026, dropping to $59,100 per coin, and its price now sits just over 50% below the all-time high of more than $126,000 reached by the leading crypto asset. Meanwhile, a significant part of the altcoin market has suffered much sharper declines, with many well-known digital assets posting losses of more than 95% from their peak valuations.
Bitcoin rebounded above $61,000 on Saturday after briefly falling below the key $60,000 level, as traders assessed the fallout from a broad market sell-off triggered by stronger-than-expected US employment data.
Friday’s mass cryptocurrency sell-off pushed the total market capitalisation of altcoins down to $880 billion. Zcash suffered the heaviest damage among major tokens, with its price plunging by more than 40% to $264.80.
During the night of 5–6 June 2026, Bitcoin briefly fell below the $60,000 mark, triggering large-scale liquidations in the derivatives market. According to CoinGlass, positions held by 349,549 traders worth a total of $1.81 billion were forcibly closed over the past 24 hours. The event became one of the largest liquidation cascades of the year and returned Bitcoin to levels last seen in October 2024.
Friday’s sell-off pushed $XRP deeper into the red, completing a 22% retrace over the past 30 days and sending the token below $1.10 for the first time since November 2024.
While Bitcoin’s ($BTC) spot price is moving sideways around the $60,900 mark, blockchain data provides investors with an important roadmap. According to data from Bitcoinsistemi.com, the realised price, which represents the average cost basis for all investors in the market, currently stands at $53,700.
Not long ago, many investors were confident that after the launch of Bitcoin ETFs and the arrival of institutional players, the cryptocurrency market had become more mature and resilient. However, recent months have shown that Bitcoin remains an asset that is highly sensitive to investor sentiment, macroeconomics and global risks.
Solana ($SOL) has hit its lowest level in 2.5 years, erasing the gains it made last year during the memecoin frenzy and the trend of public companies accumulating crypto reserves. On 5 June, the price of $SOL fell below $64 for the first time since December 2023.
Bitcoin price started a fresh decline below the $65,000 zone. $BTC is showing bearish signs and might continue to move down if it dips below $62,000.
The price of Zcash ($ZEC) fell by 48% to $302.48 after a critical vulnerability was discovered in the protocol. The bug made it possible to create fake coins infinitely and invisibly.
On Friday, Bitcoin fell near a four-month low and headed for a significant weekly decline amid continued institutional selling, driven by persistent tensions around the war with Iran, which is forcing traders to stay away from cryptocurrencies.
After a sharp crash to the $61,000 mark, Bitcoin briefly rebounded to $64,600 and then stabilised slightly below $64,000. Despite reducing its losses, it still remained down 3.2% on the day, 14% over the week and almost 30% since the beginning of 2026.
The sUSDat stablecoin lost its dollar peg, falling by 7% to $0.93 on Wednesday, 3 June, according to blockchain analysts at PeckShield. On Thursday, the decline became even deeper: for a short time, the stablecoin dropped to $0.90.
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