Bitcoin Plummets Below $60K for First Time in 20 Months

Bitcoin's value has taken a significant hit, falling below $60,000 on June 5 for the first time in 20 months. This decline marks a reversal from its previous peak and is causing concern among investors.

The reasons behind this drop are multifaceted. Strategy's recent sale of Bitcoin and ongoing outflows from US spot exchange-traded funds (ETFs) have contributed to the decline. Additionally, weakness across broader crypto markets has further exacerbated the issue.