Binance Faces Major Liquidations as Crypto Market Tumbles: Key Insights

The cryptocurrency market experienced a significant downturn on June 6, 2025, with a 3.03% drop, reducing the total market valuation to $3.2 trillion. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP were hit hard, with BTC falling to $101,928.79, ETH dropping 3.73% to $2,489, and XRP declining 3.34% to $2.13. Key support levels are now under pressure, raising concerns about potential further declines. The market turmoil was exacerbated by liquidations exceeding $595 million, affecting 156,000 traders. Binance, one of the largest crypto exchanges, recorded the largest single liquidation—a $9.48 million ETH/USDT sell-off. This event highlights the volatility and risks inherent in the crypto market, even as long-term prospects remain bullish for digital assets.

Crypto Market Crash: 3 Reasons Behind Sudden Drop in BTC, ETH, and XRP

The cryptocurrency market plunged 3.03% to a $3.2 trillion valuation as Bitcoin tumbled to $101,928.79, Ethereum fell 3.73% to $2,489, and XRP dropped 3.34% to $2.13. Key support levels are under pressure, risking further declines.

Liquidations exceeding $595 million wreaked havoc, with 156,000 traders liquidated. Binance saw the largest single liquidation—a $9.48 million ETH/USDT sell-off. Bitcoin and ethereum accounted for $314 million of the carnage, while Solana, Dogecoin, and XRP faced $40 million, $22.52 million, and $16.6 million in liquidations, respectively.

Bulls bore the brunt as $547 million of the liquidations were long positions. The sell-off was exacerbated by a feud between Elon Musk and former U.S. President Donald Trump, alongside whale offloading activity.

Ruvi AI (RUVI) Gains Traction Among Binance Coin Investors Amid Presale Success

Ruvi AI (RUVI) has captured significant attention in the cryptocurrency market after selling over 135 million tokens during its presale phase. The project's steady growth and innovative integration of blockchain and artificial intelligence have drawn interest from Binance Coin (BNB) supporters seeking high-growth opportunities.

Binance Coin remains a cornerstone of the crypto ecosystem, underpinned by its utility across transaction fees, staking, and Launchpad participation. Yet its maturation has led some investors to explore emerging alternatives like Ruvi AI for greater upside potential.

The market appears receptive to new projects blending disruptive technologies with tangible use cases. Ruvi AI's presale performance suggests growing appetite for AI-blockchain convergence, particularly among investors familiar with Binance's successful ecosystem model.