Bitcoin Falls Below $60,000 as $650M in Longs Liquidated

Bitcoin dropped below $60,000 on Wednesday, falling nearly 5% to a low of $59,600. The decline triggered more than $650 million in liquidations over 24 hours, with long positions accounting for roughly $580 million, according to CoinGlass.

Ether fell below $1,600, Solana dropped under $67, and XRP traded near $1.05. The total crypto market value slid to about $2.08 trillion, down 3% on the day.

The selloff extended a tough week across traditional markets, as the S&P 500 and Nasdaq have each fallen roughly 3-4% since mid-June on concerns over tech valuations and AI spending. Nvidia, Microsoft, and Apple all traded lower.

Crypto-related equities suffered steeper declines. Strategy shares sank below $100, down nearly 9%, while Robinhood and Coinbase fell around 4.5%. Circle dropped 6%, Galaxy Digital 5%, and Bullish 4%. Mining stocks including IREN, Cipher, TeraWulf, and Hut 8 also declined.

Institutional demand weakened, with US spot Bitcoin ETFs recording $180 million in net outflows Monday and Tuesday, while spot Ether ETFs saw about $152.5 million in outflows. Bitcoin has now fallen below $60,000 twice this month, matching levels last seen in October 2024.