Bitcoin Price Plunges Below $60,000 Amid Macro Headwinds

Bitcoin's recent decline has left investors wondering about the future of digital assets. Market experts point to a combination of factors contributing to the downturn.

The cryptocurrency market came under pressure after a stronger-than-expected US jobs report led investors to scale back expectations of interest-rate cuts. Higher Treasury yields and a stronger dollar reduced appetite for speculative assets, including cryptocurrencies.

ETF outflows have also been a significant factor in Bitcoin's decline. The total net assets held by Bitcoin ETFs have dropped to about $80.4 billion from $107.8 billion in mid-May.