Bitcoin tumbles below $60,000 to a multi-year low as inflation spikes
BTC fell to $59,413 on June 25 — briefly dipping under $58,000, its lowest since September 2024 — after May PCE inflation hit a three-year high of 4.1%. Ethereum dropped to $1,560.
Bitcoin fell 2.0% to $59,413 on Thursday, June 25, and briefly dropped below $58,000 during the morning — its lowest level since September 2024. Ethereum fell 2.9% to $1,560.
The trigger was inflation. The Personal Consumption Expenditures (PCE) index rose 4.1% in May, up from 3.8% in April and a three-year high, hardening fears that the Federal Reserve will have to raise rates rather than cut. That sent investors fleeing risk assets.
The selloff was broad. More than $898 million in crypto positions were liquidated over 24 hours, and spot Bitcoin ETFs kept bleeding — BlackRock's iShares Bitcoin Trust saw $239 million in net outflows and Fidelity's Wise Origin Bitcoin Fund shed $121 million as institutions cut exposure.
ETF outflows, a possible delay to the CLARITY Act, and capital rotating out of crypto and into AI stocks have combined to extend the bear market. Prices recovered slightly in the afternoon, and dip-buyers may yet step in, but risk-off sentiment remains firmly in control.