The cryptocurrency market is experiencing a significant downturn, with a staggering $500 million worth of digital assets liquidated in the past 24 hours. This massive sell-off has resulted in a market capitalization plunge from $2.44 trillion to $2.33 trillion, causing widespread losses for investors. According to Coinglass data, nearly 173,000 traders were liquidated, with the largest single liquidation order on Binance totaling $6.44 million in Ethereum.

The crypto market's decline can be attributed to various factors, including macroeconomic pressures, miner capitulation, Bitcoin ETF outflows, and a lack of new stablecoin issuance. The market's downturn was triggered by Bitcoin's loss of momentum, which has had a ripple effect on other popular cryptocurrencies like Ethereum, Dogecoin, Shiba Inu, and Solana.

The current geopolitical climate and macroeconomic factors are contributing to the market's volatility. Despite cooling inflation data, Federal Reserve officials remain committed to a single rate cut this year, while the Bank of Japan's Governor Kazuo Ueda is considering raising interest rates again in July. This has led to an increase in the US Dollar Index (DXY) and US Treasury yields, making investors cautious and seeking safe-haven assets.

The spot Bitcoin ETF has recorded three consecutive outflows, with a net outflow of $146 million on Monday, indicating a shift in investor sentiment. Additionally, over 100,000 BTC options worth $6.58 billion are set to expire on June 28, which may continue to put selling pressure on Bitcoin's price until then. Despite this, experts believe that Bitcoin and gold are desirable assets for investors in the current geopolitical climate, and that diversifying into Bitcoin may be a wise move.

In conclusion, the cryptocurrency market is experiencing a significant downturn, with a massive liquidation of digital assets worth $500 million in the past 24 hours. The market's decline is attributed to various factors, including macroeconomic pressures and a lack of momentum in Bitcoin. Despite this, experts believe that Bitcoin remains a desirable asset for investors seeking diversification, and that the current market conditions may be a buying opportunity.