Bitcoin falls to $57,742, down more than 50% since October
Bitcoin has dropped to $57,742, its lowest point since September 17, 2024.
This big dip comes as investors react to higher interest rate expectations and tighter policies meant to fight inflation.
The coin is now down more than 50% from its above $126,000 peak last October and has fallen below a key long-term average, a sign things could stay rough for a while.
Fed tightening sparks bitcoin ETF outflows
The US Federal Reserve's tough talk on inflation is making investors rethink risky bets like crypto.
In June alone, U.S.-listed bitcoin ETFs saw more than $4 billion pulled out, their biggest withdrawal yet.
On top of that, Strategy Inc. a major corporate holder of bitcoin, spooked some people by announcing stock buybacks and flexible reserves, raising questions about future demand.
Analyst Tony Sycamore also pointed out that upcoming US jobs data could keep the pressure on if it pushes the Fed to stay strict.