Bitcoin has fallen below the $60,000 threshold for the first time since October 2024, marking a significant psychological breach in the ongoing crypto downturn.
The leading cryptocurrency slid more than 4% on Wednesday to trade at $59,548, briefly dipping even lower during the session.
The move underscores the persistent selling pressure that has defined the asset’s performance over the past eight months.
The decline coincides with a broader pullback in US technology stocks, which has weighed heavily on risk sentiment across global markets.
As equities retreat, investors are increasingly rotating out of high-beta assets, with digital currencies bearing the brunt of the risk-off trade.
The correlation between tech equities and crypto remains a key driver of volatility, as seen in the synchronized selloff.