The Bitcoin exchange rate has fallen below $60,000, heightening investor concerns about the further dynamics of the cryptocurrency market. Against the backdrop of the decline, traders lost nearly $800 million in liquidated long positions over the past day, Bloomberg reports, writes UNN.
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On Wednesday, Bitcoin fell by 5.4% and momentarily dropped to $59,023 – the lowest level since October 2024. The cryptocurrency last traded above the $60,000 mark in early June.
Additional pressure on the market is being exerted by the quarterly expiration of Bitcoin options worth about $10 billion, scheduled for Friday. At the same time, shares of Michael Saylor's company Strategy have been declining for the sixth consecutive trading session and have reached their lowest level since February 2024, while the effective yield on its preferred shares has risen to approximately 14%.
Analysts also note a decline in retail investor activity. Some traders have redirected capital to stocks of companies related to artificial intelligence, while Bitcoin has recently not demonstrated the properties of a safe-haven asset during geopolitical and inflationary instability.
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