Bitcoin’s Price Drops Below $60K for the First Time Since October 2024

BTC's price dropped below $60K for the first time in almost two years.

The cryptocurrency market continues to suffer.

Over the past 24 hours, Bitcoin’s price has fallen by a considerable 5.5%. More notably, it dipped below the coveted $60,000 level for the first time since October 2024.

Source: TradingView

As CryptoPotato reported earlier, the move reflects a broader market downturn where altcoins are suffering equally, if not worse than Bitcoin.

This has resulted in a whopping $1.5 billion worth of liquidated derivatives positions throughout the past 24 hours, as the downturn doesn’t appear to ease.

BTC’s price has bounced slightly after dropping to $59,743 and it’s interesting to see if this level will be able to halt further downside.

Moreover, the most recent crash comes as the US jobs report was posted a few hours ago. According to it, the US economy has managed to add 172,000 jobs in May, which exceeded expectations of 85,000.

The unemployment rate was 4.3%, which is in line with expectations, making this the second-strongest US jobs report in the past 13 months.

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Despite the news, the S&P 500 tumbled 1.7% on the day, which suggests that the risk-on trade is growing colder, at least for now. This is further confirmed by declines in the NYSE Composite, Nasdaq Composite, as well as the Dow Jones Industrial Average.

In other words, the drop is not isolated to crypto, but the fact is that it has been far more pronouneced.

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