On May 31, the global cryptocurrency market experienced a significant drop in Asia, resulting in a 1.37% decrease in market capitalization to 1.14 trillion.

The top cryptocurrencies, Bitcoin and Ethereum, also saw a 2% decline in value. This is believed to be due to investors selling their assets after Bitcoin's price fell 8% for the first time this year.

Despite bullishness from institutional investors and whales, a short-term decline is expected due to the debt ceiling deal.