NEW YORK, June 24, 2026, 15:08 (EDT)
- Bitcoin traded at $59,570, close to the session low of $59,102.
- Ether dropped as well, trading at $1,569.62. Crypto weakness wasn’t just limited to bitcoin.
- 10x Research said bitcoin could drop to $55,000 before it finds a bottom in this cycle.
Bitcoin dropped under $60,000 again Wednesday, the second time this month the crypto has slipped past that mark. The world’s biggest cryptocurrency is losing steam with retail buyers as AI stocks draw more risk cash, according to CoinDesk.
Bitcoin traded at $59,570, down $2,723 from where it closed before. The token hit a low of $59,102 earlier. Ether, the number two crypto, stayed near its low for the session at $1,569.62.
Deutsche Bank flagged bitcoin’s fall below $60,000 in June as a sign the market was changing. The bank pointed to U.S. spot bitcoin ETFs, saying the listed funds that trade like stocks and hold bitcoin recorded about $6 billion in net outflows over six weeks.
Deutsche Bank analyst Marion Laboure said, “The marginal buyer is no longer a retail investor but an ETF allocator or corporate treasury,” according to CoinDesk. The bank pointed to Federal Reserve rate pressure and a shift into AI-related stocks, too. CoinDesk
AI stocks kept drawing in cash. South Korea’s SK Hynix filed on Wednesday to raise almost $30 billion in a U.S. offering, according to CoinDesk. The Nasdaq added 0.8% at midday, while bitcoin was down 3.2%.
Philippe Laffont, the billionaire hedge fund manager, is less certain on bitcoin than before. “I don’t know what to think about Bitcoin anymore,” he told CNBC, saying he’s “a little bit more worried.” Laffont singled out SpaceX and AI firms as more straightforward growth bets, CoinDesk said. CoinDesk
Bitcoin isn’t dominating crypto the way it used to. Reuters said earlier this month that bitcoin’s market share dropped to about 56%, down from 63% a year ago. Stablecoins, which are tokens pegged to things like the dollar, are up to about 13% of the market from 7%.
Bitcoin is now trading about 50% under its October peak, The Edge Malaysia reported, referencing Bloomberg. According to the story, Strategy Inc sold 32 bitcoin earlier this month, marking its first sale since 2022. The move raised fears that large companies could start dumping their holdings.
Bitcoin risks dipping under $60,000 and could hit $55,000 before setting a cycle low, 10x Research founder Markus Thielen said. “The implication is patience now, attention in late August,” Thielen wrote, per CoinDesk. CoinDesk
Selling might ease if U.S. crypto bills move forward or ETF inflows pick up. Steve Kurz, global co-head of digital assets at Galaxy, mentioned the Clarity Act, a bill focused on crypto oversight, and said “there is intent to get this done and there is a legislative calendar.” Still, continued ETF outflows or new corporate selling could mean there are not many buyers left around $60,000. The Edge Malaysia
