Cointelegraph·3h ago·negative

Bitcoin closes below $60,000 for first time since September 2024 as tech stocks slide

Bitcoin closed below $60,000 for the first time since September 2024, as Asian tech stocks crashed and US PCE inflation hit three-year highs, pressuring risk assets.

Bitcoin's daily close below $60,000 is the first since Q3 2024, risking that level becoming new resistance.
Asian stock markets saw another 8% crash, triggering South Korean circuit-breakers, while US stocks held steadier.
US PCE inflation hit 3.82% headline and 3.30% core, both well above the Fed's 2% target, keeping pressure on risk assets.
Coinbase stock is down 69% from its all-time high, highlighting the broader tech selloff affecting crypto.

marketImpact 8/10

Why our editor rated this negative

Bitcoin breaking below the psychologically important $60,000 level for the first time in nearly two years, combined with persistent inflation and tech stock weakness, is clearly negative for the crypto market.

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