The price of Bitcoin has fallen to $ 60,000, a drop that has not been seen since October 2024 and erased the gains in just a few days. At press time, the price of bitcoin is trading at $59,566 – down more than 10% in 24 hours and about 53% off always high of $126,277 established last October.
The decline has been brutal, fast, and – for many in the bullpen – a blow that raises the question no one wants to ask: how low can this go? Not a single event broke the price of bitcoin. What happened instead was a combination of bad news that arrived at the same time.
US real estate Bitcoin ETFs posted outflows of about $113.8 million since June 23, which is the fourth consecutive day of withdrawals. BlackRock Images It will go led the flow with about $182 million in outflows, while Fidelity’s FBTC and ARK 21Shares’ ARKB attracted about $23 million and $31 million, respectively.
The Federal Reserve made things worse. With the U.S.-Iran conflict pushing oil prices higher and increasing inflationary fears, Fed officials began to back away from talk of rate cuts — and more. float expensive opportunity. This sent a clear signal to financial markets: the payments spigot is closing.
Then he came The way. The company, which has long been seen as the anchor of Bitcoin’s credibility with its “non-commercial” nature, sold 32 BTC between May 26-31.
This may (or may not) be the end of bitcoin’s value
Standard Chartered’s Geoffrey Kendrick, Global Head of Digital Assets Research, wrote a client note in early June. to announce that the price of Bitcoin has dropped to $59,000 is a sure sign of the cycle – and reaffirms the bank’s goal of the end of $100,000. This is about 70% higher than the current situation. Kendrick linked his sentiment to three indicators that he said needed to change: ETF returns, new purchases of corporate assets, and lower oil prices to ease global tensions.
On June 23, the first sign was shaken. Spot Bitcoin ETFs recorded $39.2 million in net inflows – the first positive day after a long period of hemorrhaging – led by ARK 21Shares’ ARKB at $31 million.
Corporate buyers did not stop. The way to buy 520 BTC about $35 million this week. Strive Asset Management added 759 BTC to an average price of around $65,850. This is not panic trading – these are investments that are placed in a falling market.
On the chain, almost half of all Bitcoin transactions are now underwater. In previous years, that crossing has been a sign of the bottom – not the beginning of a deep fall.
