Bitcoin Crashes Below $60k as Retail Sector Slumps

The cryptocurrency market has seen significant fluctuations in recent times, and Bitcoin (BTC-USD) was no exception. In the past week, investors dumped cryptocurrencies, causing BTC to struggle to hold support at the $60,000 level.

As a result, BTC fell to around $58,000 before recovering to its current price. The company Strategy (MSTR), which holds significant amounts of BTC, has been affected by the decline due to heavy dividend payment commitments for its preferred shares.

The retail sector also experienced a downturn, with TJX Companies (TJX) declining unexpectedly by 6.04% to close at $155.19. This drop can be attributed to core inflation rates reaching 3.4% in May, the highest level since October 2023.

In contrast, the chip sector saw a rally with investors returning to Western Digital (WDC), Seagate (STX), and Sandisk (SNDK). Sandisk stock has gained significantly, trading at around $2,335 after previously being valued at $40 in 2025. This surge is attributed to firms like Citi and Morgan Stanley issuing bullish reports on the company.

Sandisk benefits from the ongoing shortage of chips, with a forward non-GAAP gross margin projection of between 79% and 81%.