Bitcoin drops to $61,322 as investors sell for IPOs
bitcoin just dropped to its lowest point in nearly four months, hitting $61,322 before bouncing back a bit.
It's still down roughly 13% this week, mostly because investors are cashing out ahead of huge IPOs from SpaceX, OpenAI, and Anthropic:
These launches could pull in more than $350 billion in fresh equity across four companies, including SpaceX, OpenAI, Anthropic, and Google, and are shaking up the crypto scene.
Selloff triggers $1.3B crypto liquidations
Since bitcoin is easy to trade and turn into cash, it's become the go-to for investors looking to free up funds for these upcoming IPOs.
This selloff has spilled over into other cryptocurrencies too (ether hit its lowest level since April 2025) and led to $1.3 billion in liquidations within a day.
Even US bitcoin ETFs saw record outflows over nearly two weeks.
With SpaceX holding $1.45 billion in bitcoin and Elon Musk's influence looming large, its IPO could stir even more volatility across the crypto market.