Elon Musk has commented on the recent X outage. Social media users complained of ‘Twitter down’ following another uptime issue. The world’s richest man revealed the cause of this outage and has affirmed his commitment to fixing these issues. Twitter Down: Elon Musk Breaks Silence On X Outage In an X post, Elon Musk revealed that the recurrent X outage issues resulted from a failover redundancy that should have worked but did not. He noted that they need to make major operational improvements, which have become evident with the uptime issues that users faced this week. Musk mentioned that he must be “super focused” on X/xAI alongside his other ventures. The world’s richest man also remarked that he is “back to spending 24/7 at work and sleeping in conference/server/factory rooms,” indicating that he will be taking a step back from his role at DOGE and focusing on his businesses. As… Read More at Coingape.com
The global cryptocurrency market witnessed a broad downturn today, with total market capitalization falling by 2.47% to $3.32 trillion, as major assets bled red across the board. Bitcoin dropped 2.3%, Ethereum shed 4.5%, XRP lost 3.24%, and Solana slid 4.9% against the U.S. dollar.
But it was Dogecoin that took the steepest plunge among the top ten, tumbling 5.9% in a single day. Over $320 million in bullish bets were wiped out within a single hour, signaling a harsh wake-up call for overly optimistic traders.
BTC & ETH in Red, Altcoins Hit Harder?
Bitcoin bore the brunt of the crash, with nearly $317 million in long positions liquidated in a day. The majority, over $306 million, were long bets. Prices slid nearly 4% in 24 hours, pulling BTC below $104K. While it’s still holding a 5% gain for the week, the momentum shifted after it peaked above $110,000 on Tuesday. One massive $201 million long on Binance alone got rekt in the plunge, according to CoinGlass data.
Meanwhile, ETH fell over 6% on the day, crashing down to $2,650. Despite this drop, it’s still up about 9% on the week, thanks to an earlier surge. Daily liquidations for ETH totaled $151 million, second only to Bitcoin.
While altcoins like Solana, XRP, and Dogecoin were hit next, as bearish pressure swept across the altcoin market. Solana tumbled over 6% to $152.80, XRP dropped 4% to $2.20, and Dogecoin was the day’s worst performer, down 7% to $0.181. DOGE’s steep fall makes it the biggest loser among the top ten cryptocurrencies.
Crypto took a hit today, mainly because of rising tensions in the Middle East. Reports say Israel launched an airstrike on Iran’s nuclear site, which scared global investors. Many rushed to safer options like gold, causing it to jump 5%, while risky assets like crypto dropped.
Inflation Data Triggers Profit-Taking
The selling pressure began after the release of the U.S. CPI report on Wednesday, which showed cooling inflation for May. While that might seem like good news, the market reacted with a round of profit-taking, pushing prices down instead. Bitcoin and Ethereum slipped after the report, while altcoins were already struggling earlier in the day, only to see losses deepen by afternoon.
Longs Crushed, Market Dips 5%
In total, the market saw over $713 million in liquidations over the past 24 hours, $650 million of those from long positions. The broader market is now down roughly 5% in a day, according to CoinGecko, with traders rethinking their bullish positions amid rising volatility.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
The post Israel-Iran Conflict Triggers Crypto Crash: Bitcoin, Ethereum, XRP Prices Plunge Hard appeared first on Coinpedia Fintech News
The global cryptocurrency market witnessed a broad downturn today, with total market capitalization falling by 2.47% to $3.32 trillion, as major assets bled red across the board. Bitcoin dropped 2.3%, Ethereum shed 4.5%, XRP lost 3.24%, and Solana slid 4.9% against the U.S. dollar. But it was Dogecoin that took the steepest plunge among the …
Dogecoin (DOGE) is struggling to regain traction. It has been down more than 5% over the past seven days and has traded below $0.25 since the end of February. Despite brief signs of momentum, technical indicators still reflect a bearish bias, with key resistance levels capping upside attempts.
The Ichimoku Cloud remains red, EMA lines are still bearish, and price action continues to hover below critical trend-confirmation zones. However, a sharp shift in BBTrend and improving momentum metrics suggest traders are watching closely for a potential breakout attempt.
Dogecoin Faces Resistance as Bearish Ichimoku Structure Persists
Dogecoin’s current Ichimoku Cloud chart shows a clear bearish structure, with price action remaining below the Kumo (cloud), which is shaded red in the near term.
The blue Tenkan-sen (conversion line) is positioned below the red Kijun-sen (base line), reinforcing a short-term bearish outlook.
Additionally, the price candles are struggling to break above the Tenkan-sen, which is acting as dynamic resistance and preventing upward momentum from building. This typically signals weak buying pressure in the current market phase.
Looking forward, the Kumo cloud ahead is transitioning from red to green, indicating a potential shift in sentiment if price manages to approach and penetrate the cloud.
However, the cloud itself is relatively thick, which suggests a strong resistance zone that will require significant bullish momentum to overcome. Until price enters or breaks above the cloud, the prevailing bias remains bearish.
The Kumo’s current flat base could also act as a magnet, drawing price toward it, but sustained upside will depend on whether Dogecoin can flip the cloud into support.
DOGE Sees Sharp Reversal as BBTrend Turns Positive
Dogecoin’s BBTrend indicator has flipped strongly bullish, rising to 2 from -3.14 just a day ago.
The BBTrend (Bollinger Band Trend) is a momentum indicator that measures the strength and direction of price movement relative to its Bollinger Bands.
Values above zero suggest bullish momentum, while values below zero signal bearish pressure. The higher the positive value, the stronger the upward momentum; likewise, deeper negative values indicate stronger downward trends.
With DOGE’s BBTrend now at 2, it indicates a potential shift in sentiment and growing bullish momentum. This sharp reversal suggests that buying pressure is increasing and the asset may be entering a recovery phase.
While it doesn’t confirm a sustained uptrend on its own, a BBTrend in positive territory often precedes further gains—especially if supported by rising volume and follow-through in price action.
Traders may view this as an early signal to monitor for potential continuation.
DOGE Must Break $0.206 to Flip Trend—Or Risk Dropping to $0.168
Dogecoin’s EMA lines remain in a bearish alignment, with short-term averages still below the long-term ones, reflecting ongoing downward pressure.
If the current bounce fails to gain strength, DOGE could soon retest support at $0.168, which has held in recent sessions. Without a decisive shift in momentum, this level may act as a magnet for price action in the near term.
The absence of an EMA crossover keeps the overall trend bearish for now.
On the flip side, if momentum strengthens and DOGE manages to break resistance at $0.206, it could trigger a broader reversal. In that case, the next upside targets would be $0.232 and potentially $0.254, assuming sustained follow-through.
The US dollar fell to its 3-year low against the Euro and British Pound, possibly creating new opportunities for crypto as the global reserve currency hits new difficulties.
The European Central Bank again cut interest rates today, but the US has yet to do so. The dollar’s falling dominance reflects that decade-old fiat warning from Bitcoin’s creator, Satoshi Nakamoto.
Could Dollar Troubles Benefit Crypto?
The US dollar is the world’s most important fiat currency for several reasons: powering a massive consumer economy, the global flow of petroleum, US Treasury bonds, and more.
— The Kobeissi Letter (@KobeissiLetter) June 4, 2025
Nic Puckrin, crypto analyst and founder of The Coin Bureau, discussed these topics and more in an exclusive commentary shared with BeInCrypto. According to Puckrin, however, crypto is immune to some of these concerns in a way that the dollar is not:
“Even if we do experience stagflation, Bitcoin can still protect portfolios as it is increasingly being seen as a fallback option for investors fleeing US assets or losing faith in the US economy, and it is inflation-proof by design. Bitcoin is very different from the rest of the crypto market – there really are no other assets that possess the same safe-haven characteristics,” he said.
Puckrin described a Bitcoin maximalist vision for crypto investment, as Satoshi Nakamoto designed it to resist dollar turmoil.
Bitcoin and the whole crypto ecosystem were born out of the wreckage of the 2008 collapse, hence its strong emphasis on trustless, decentralized governance.
Unfortunately, today’s community can forget the hard experience that forged this ethos.
Questions of Governance
How are US institutions responding to the dollar’s trouble, especially compared to the crypto community? The European Central Bank lowered its interest rates today, which President Trump has repeatedly begged Fed Chair Jerome Powell to do.
However, it may not be that simple. The EU is an important consumer bloc and economic region, but the US is the bedrock of the modern economy.
If the Fed cuts rates now, it might exhaust its ability to respond to future crises. After all, it can’t cut rates below zero, and it only has so many tools to use.
These chaotic trade policies are causing havoc on the dollar, whereas crypto liquidations are at a relative low. All this discord reaffirms the reasons that Satoshi built Bitcoin to be separated from the world’s governments.
Trustless and leaderless, Bitcoin is immune to concerns that highly impact nation-states. Puckrin predicts this to fuel BTC investment:
“We could see the split that already exists between Bitcoin and altcoins intensifying, as investors turn to Bitcoin as a store of value, but shun more speculative, risky assets like altcoins. The only other safe haven options would be real-world assets (RWAs), like gold-backed tokenized assets, for example,” he claimed.
Still, although there are very bearish signs, the crisis hasn’t fully matured yet. If a savvy investor wants to pull assets from dollars into crypto before further devaluation occurs, there’s still time.
Ultimately, there’s no absolute way to predict which way the market will go.
