The fall of altcoins on June 2, 2024 is attributable to several key factors. First, major government regulation was announced, aimed at restricting the use of cryptocurrencies in several major global economies. These new regulations created uncertainty in the markets, prompting investors to withdraw.

Second, bitcoin, the dominant cryptocurrency, has also seen a significant decline due to new regulatory pressures and growing concerns about its environmental impact. Altcoins, which often follow bitcoin trends, were also impacted by this drop.

Third, a significant hack attack on a major exchange led to a substantial loss of funds for many users. This incident reignited concerns about the security of cryptocurrencies, leading to a massive sell-off in several altcoins.

Fourth, a series of negative media publications, including reports of scams and fraud associated with altcoins, has exacerbated investor distrust. This wave of skepticism caused positions to be liquidated for fear of further losses.

Finally, the overall macroeconomic situation, marked by increasing uncertainty in traditional financial markets, has pushed investors to favor safer assets, contributing to the widespread sell-off of altcoins. These factors combined explain the sharp fall in altcoins today.