Bitcoin has slipped below the $60,000 threshold, marking its lowest level in 20 months as a broad-based sell-off in global technology stocks spilled over into digital assets.
The breach of this key psychological support level signals deepening anxiety among investors regarding the near-term trajectory of risk assets.
The decline accelerated on Wednesday, with the asset sliding more than 4% in a single session.
The decline accelerated on Wednesday, with the asset sliding more than 4% in a single session.
This move extends a period of heightened volatility that has plagued the crypto market, driven by a confluence of macroeconomic headwinds.
The correlation between Bitcoin and US tech equities has tightened, leaving the digital asset vulnerable to the same rate-sensitive pressures weighing on growth stocks.
Market participants are recalibrating their expectations for Federal Reserve policy, with growing concerns that interest rates may remain higher for longer than previously anticipated.