bitcoin breaks $60000 as the token slid below that mark and touched under the June 5 low of $59,125, setting a fresh low since September 2024.
The move came during a broad selloff across markets. Bitcoin was last down $3,019 at $59,369, or about 5% on the day. It also traded roughly $200 above the June intraday low after briefly moving below it.
The source article said the full Trump 2.0 rally has now been erased. It added that this came despite what it described as crypto-friendly US policies. However, the article also said market participants saw few policy options left, apart from a bitcoin strategic reserve, which it said Congress does not appear interested in.
bitcoin breaks $60000 in Broad Selloff
The article described the day as a sell-everything deleveraging move. Silver fell 7.4%, while gold dropped 3%. WTI crude oil lost 4%, and the US dollar gained broadly.
Meanwhile, the bond market outperformed. The article said yields fell 6% to 9% in a flight to safety. It also said hot chip names were slumping during the same session.
Market Drop Pulls Bitcoin Lower
The source article argued that bitcoin has lost momentum with some risk-taking traders. It said attention has shifted toward AI trades, meme stocks, and options trading. At the same time, it noted that crypto has captured some of that activity, but said bitcoin now looks more institutional to some younger traders.
Additionally, the article said crypto use cases remain limited. It also said stablecoins stand out as strong businesses, though not as investments. On the technical side, the source said a deeper break could point to $50,000, especially if Micron draws a weak earnings reaction later in the day and a broader risk-off move hits the Nasdaq.
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