Bitcoin Price Plummets Below $60,000 Amid Shift to Rate Hikes

The Bitcoin price plummeted below $60,000 this week, marking its lowest level since October 2024. The decline was triggered by a shift in market expectations from interest-rate cuts to rate hikes later this year.

According to CryptoSlate's data, the largest digital asset dropped more than 4% in the last 24 hours to as low as $59,030 before recovering to roughly $61,650. This move extended a decline that has erased more than 50% of its value since the record high last October.

The distress in Bitcoin cascaded across the broader digital asset ecosystem, with Ethereum dropping approximately 3% to trade near $1,650 and alternative cryptocurrencies like Solana, BNB, Cardano, XRP, Dogecoin, and Hyperliquid experiencing similar depreciations.