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Bitcoin falls below $60K, triggering $1.57B in crypto liquidations amid a $200B market sell-off

Market News
05 Jun 2026
Bitcoin
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Bearish
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Bitcoin dropped sharply below $60,000 on June 5, 2026, amid a broad crypto market sell-off that erased $200 billion in total market value and triggered $1.57 billion in leveraged liquidations. The cryptocurrency fell nearly 20% over five days, pushing its year-to-date losses to 30% and briefly dropping its market cap below $1.2 trillion. The sell-off mainly wiped out long positions, signaling a large-scale institutional exit and structural market vulnerabilities. Michael Saylor responded to criticism by outlining four key ideologies shaping bitcoin's future as it transitions into a global asset.

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