Bitcoin Slumps to Fresh Year-to-Date Low Amid $715M Crypto Bet Wipeout

Bitcoin's price slid nearly 20% in June as over $715 million in crypto long bets collapsed. The cryptocurrency briefly plunged to a new year-to-date low of $58,035 on Thursday morning before staging a relief rally to trade flat around $59,500.

The intra-day chart reveals severe volatility and erratic price swings. Forced liquidations across the crypto market topped $1 billion, wiping out $484 million in Bitcoin bets.

Boris Alergant of Babylon Labs warns that AI competition may pressure Bitcoin prices through the summer. He suggests this proves Bitcoin is no longer an island but deeply integrated into the traditional financial machine.