BTC Plunge Hits $60,000 Amid Market Downturn

Bitcoin Plummets to $60,000 Amid Market Downturn
Bitcoin (BTC) has experienced a significant decline, dropping to $60,000, a fall of over 5.9% in the past 24 hours, according to CoinMarketCap. This downturn has sparked concerns among investors, particularly as the leading cryptocurrency has seen continuous outflows and poor performance in crypto-related exchange-traded products (ETPs).
The decline is attributed to macroeconomic factors, including investor pessimism over potential interest rate cuts by the Federal Reserve, as reported by CoinShares’ head of research, James Butterfill. Additionally, $630 million in outflows from Bitcoin investment vehicles and a broader market downturn have exacerbated the situation.
Bitcoin whale activity has also decreased, with transactions over $100,000 dropping by 42%, indicating a shift in the trading behavior of major investors. Consequently, the crypto market has seen over $300 million in liquidations, with predictions of further declines.