Bitcoin cracks $60,000, sinking to lowest level since October 2024
The weeklong sell-off was exacerbated after a stronger-than-expected May jobs report Friday sent yields higher and pressured risk assets.
TL;DR
- Bitcoin fell to its lowest point since October 2024, down 16% for the week.
- Strategy's sale of bitcoin holdings impacted sentiment and triggered liquidations.
- A strong May jobs report increased Treasury yields, pressuring risk assets.
- Investor focus has shifted towards AI stocks and upcoming IPOs.
- The Clarity Act, a key crypto bill, faces legislative hurdles.
- Bitcoin's correlation with Nasdaq and S&P 500 has collapsed.
- Bitcoin ETFs experienced a net inflow of $3 million after a streak of outflows.
- Some analysts view the current price as a 'buy the dip' opportunity.
- Privacy coin Zcash tumbled due to a newly exposed security vulnerability.