Bitcoin fell to $59,888 on June 26, down 4.5% on the week, as a broad cryptocurrency selloff erased approximately $90 billion from the total market capitalization. The decline was spearheaded by altcoins, with Ether dropping 5.6% to $1,555, XRP sliding 4.9% to $1.03, and Dogecoin losing 3.8% to $0.074 over 24 hours. Coinglass data shows $346 million in Bitcoin liquidations, of which $318 million were long positions, confirming a leveraged long squeeze.
What Happened
The selloff coincided with a 3% decline in the Nasdaq as chipmakers led technology stocks lower, dragging correlated risk assets down. Bitcoin briefly pierced the $60,000 level—a threshold that has held since early 2024 and aligns with the 365-day moving average. The total crypto market cap contracted to $2.05 trillion, a 4.2% single-day decline. Nasdaq-listed miner Bitdeer liquidated all 3,231 BTC mined since February 21, raising over $205 million to fund a strategic pivot toward AI data centers, leaving its treasury with zero Bitcoin. Meanwhile, MicroStrategy’s 844,000 BTC position, acquired at an average $75,600, now carries a $13 billion paper loss.
Why It Matters
The $60,000 level is more than a round number—it is the floor of Bitcoin’s Rainbow Chart support band and the 365-day moving average. A daily close below $59,000 would invalidate the bull market structure that has held since late 2022. Analysts at 10x Research see $55,000 as the next major support, with a break potentially opening the door to $45,000–$50,000.
Regulatory uncertainty adds another layer of risk. President Trump refused to sign a bipartisan housing bill on June 24 because it lacked the SAVE Act voter-ID provision—the same bill that contained a four-year ban on central bank digital currencies (CBDCs). The legislation passed both chambers with veto-proof majorities (358-32 House, 85-5 Senate), but Trump’s refusal delays the CBDC ban that many crypto advocates viewed as a legislative win. The stalemate injects fresh policy uncertainty just as markets price in Federal Reserve rate-cut expectations. For context on the legislative landscape, see our coverage of the CLARITY Act gaps.
What’s Next
Key levels to watch: Bitcoin must reclaim $61,000–$62,000 to restore confidence, while a break below $59,000 risks acceleration toward $55,000. Ethereum’s $1,500 support is equally critical—a daily close under that threshold could trigger a cascade to $1,385. The $10 billion in Deribit options expiring Friday may amplify volatility.
On the macro front, the May PCE inflation print came in line with expectations, keeping September rate cuts on the table. A dovish Fed pivot would historically benefit risk assets, but the current correlation regime has crypto trading as a high-beta tech proxy rather than an inflation hedge. Until the AI rotation exhausts itself or a crypto-specific catalyst emerges (ETF flows, regulatory clarity), Bitcoin remains hostage to Nasdaq sentiment. Related reads: Bitcoin Below $59K, Bitcoin Sell-Off, BitGo Pivot, On-Chain Convergence, Range Stablecoin Funding, Fintech Stablecoin Surge, OneMiners Adoption.
Why did Bitcoin fall below $60,000?
Bitcoin fell below $60,000 due to a broad risk-off selloff triggered by a technology stock rout. The Nasdaq dropped over 3% as chipmakers tumbled, dragging correlated risk assets lower. Coinglass reported $346 million in Bitcoin liquidations in 24 hours, mostly from long positions.
What is the cascade crash risk?
Analysts warn that a sustained break below $60,000 could trigger a cascade toward $54,000–$56,000. The $60,000 level aligns with the 365-day moving average and the Rainbow Chart floor. A daily close below $59,000 would invalidate the bull market structure intact since late 2022.
Which altcoins are leading the selloff?
Ether dropped 5.6% to $1,555, XRP fell 4.9% to $1.03, and Dogecoin declined 3.8% to $0.074 over 24 hours. Altcoins are weakening faster than Bitcoin, a classic sign of risk-off sentiment where traders exit higher-beta assets first.
What role did Bitdeer play in the selloff?
Bitdeer liquidated all 3,231 BTC mined since February 21, selling over $205 million worth to fund an AI data center pivot. The miner now holds zero Bitcoin, adding selling pressure and signaling a shift toward cash liquidity among public miners.
How does Trump’s housing bill veto affect crypto?
Trump refused to sign a bipartisan housing bill containing a four-year CBDC ban because it lacked the SAVE Act voter-ID provision. The bill passed with veto-proof majorities, but the delay injects regulatory uncertainty at a time when markets are pricing in Fed rate cuts.