Bitcoin drops toward $60K for first time since October 2024; crypto liquidations hit $1.77 billion

Bitcoin fell below $60,000 on Friday, touching its lowest level since October 2024, while crypto liquidations surged to $1.77 billion over the past 24 hours. The world's largest cryptocurrency was last trading at around $60,215 and has declined nearly 15% in the first week of June.

Over the past 24 hours, Bitcoin dropped 5%, while Ethereum tumbled 12% to $1,524. Major altcoins, including BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano, also came under pressure, falling by as much as 11%.


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According to a report by AFP, the election of Trump, a staunch advocate of cryptocurrencies, to the White House for a second term in November 2024 sparked a wave of enthusiasm in the sector, sending the price of bitcoin soaring to nearly $110,000.

Riya Sehgal, Research Analyst, Delta Exchange, said the crypto market is currently going through a broad risk-off reset. The sell-off has been amplified by a major leverage flush across derivatives markets. According to CoinGlass data, in the past 24 hours, 330,344 traders were liquidated, with total liquidations reaching nearly $1.77 billion.

Sehgal further said macro pressure is also adding to weakness, as stronger-than-expected US jobs data has revived concerns that interest rates may stay higher for longer. At the same time, persistent Bitcoin ETF outflows and a visible shift in investor attention toward AI-led equities, semiconductor funds, and mega-cap IPO themes have weakened Bitcoin’s near-term relative appeal.

The global crypto market capitalisation edged down 5.96% to $2.06 trillion, according to CoinMarketCap.

WazirX Market Desk said markets have entered a phase of heightened uncertainty as geopolitical tensions in the Middle East continue to impact global sentiment. Bitcoin's recent correction appears to be driven largely by institutional profit-taking and portfolio rebalancing.

For long-term investors, these cycles are familiar. Similar pullbacks have occurred throughout previous market cycles as investors reposition portfolios in response to changing macroeconomic conditions, WazirX Market Desk further said.

In the past week, Bitcoin and Ethereum were down 18.16% and 24.10%, respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, Cardano corrected upto 36.18%.

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According to a weekly crypto report by ZebPay, Bitcoin came under heavy selling pressure this week, falling below the $70,000 mark and briefly testing the $61,000 zone as ETF outflows accelerated and geopolitical tensions weighed on risk assets. More than $2 billion has exited Bitcoin ETFs in recent weeks, while capital continues rotating toward AI and semiconductor stocks. Market sentiment remains cautious as traders await regulatory clarity.

The Federal Reserve’s June 17 interest rate decision is the month’s most critical catalyst — a dovish signal could trigger a sharp recovery, the report by ZebPay further said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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