On June 4, Bitcoin long bets worth $636 million were wiped out in a single day following a flash crash toward $61,000. Analyst Cryptoinsightuk suggested that XRP is better positioned for a faster rebound than Bitcoin as most downside liquidity has been cleared. MicroStrategy's preferred stock STRC fell to $94.65, marking its first drop below $95 in three months, coinciding with Bitcoin tumbling to the $62,000 level. The market witnessed over $1.66 billion in liquidations during the sell-off.
