Bitcoin Crashes Below USD 60,000 for First Time Since October 2024 as Crypto Selloff Deepens
Bitcoin fell below USD 60,000 for the first time since October 2024, extending a broad reversal that has seen the largest cryptocurrency lose more than half its value from an October peak above USD 126,000. The cryptocurrency slid as much as 7 per cent to USD 59,101, and was trading at USD 59,743.21 apiece early on Saturday.
New Delhi, June 6: Bitcoin fell below USD 60,000 for the first time since October 2024, extending a broad reversal that has seen the largest cryptocurrency lose more than half its value from an October peak above USD 126,000. The cryptocurrency slid as much as 7 per cent to USD 59,101, and was trading at USD 59,743.21 apiece early on Saturday. Bitcoin is suffering from liquidity shifts especially by institutional investors and capital rotation into sectors drawing fresh investor attention such as artificial intelligence, defence, energy and infrastructure, market participants said.
Competition from gold and AI stocks, and a reassessment of Federal Reserve rate‑cut prospects, have also weighed on crypto demand, analysts said. Investors will be watching whether Bitcoin can hold support in the USD 60,000–USD 62,000 range, which could restore confidence, market participants said. ETF flows, institutional participation, macroeconomic developments and geopolitical events are expected to be important near‑term drivers. Cryptocurrency prices in India today (06 Jun 2026).
Some experts said that the next phase of crypto growth will be driven by greater regulatory clarity, stablecoin innovation, and the tokenisation of real-world assets. Investors should focus on their investment horizon, risk management, and portfolio allocation, rather than short term price movements, they suggested. Crypto market enthusiasm fell after President Donald Trump nominated Kevin Warsh as his choice for Federal Reserve chair as investors felt a more hawkish Fed under Warsh would shrink the central bank balance sheet, removing liquidity that has supported risk assets. International ‘Dirty Crypto’ Network Busted in Gujarat: Hamas, Houthi and UK Drug Trade Links Found in INR 226 Crore Probe.
A recent report had said that longer‑term pressure on crypto assets came from institutional exits as sustained withdrawals from institutional exchange‑traded funds, such as outflows of over USD 3 billion in January from US spot bitcoin ETFs. Market watchers also warned of forced liquidation among crypto miners if prices continue to fall, as they enter cash flow stress, reports said. The crypto currency saw its peak after becoming market favourite since the re-election of US President Donald Trump.
(The above story first appeared on LatestLY on Jun 06, 2026 12:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).