Bitcoin Tumbles Below $59,000 as Macro Pressures Weigh on Crypto Market

Bitcoin (BTC) experienced a brief drop below $59,000 on Thursday as macro pressures weighed on both cryptocurrencies and Asian equities. The world's largest cryptocurrency fell to around $58,200 before rebounding to $59,890 by 11:50 p.m. that evening, according to The Block's price page.

Ethereum (ETH) lost 3.8% over the past 24 hours to trade at $1,555, while XRP declined 3.6% to $1.03. Asian equities also fell sharply on Friday morning, with South Korea's Kospi declining over 8%, triggering a circuit breaker.

Min Jung of Presto Research attributed the sell-off to Bitcoin trading in lockstep with equities and broader risk assets selling off during the Asia session. Traders are watching whether BTC holds key support around the $58,000-$59,000 level, according to Andri Fauzan Adziima of Bitrue Research Institute.

The U.S. spot bitcoin ETFs saw $696.3 million in net outflows on Thursday, marking their largest daily outflow since May 27 and extending their outflow streak to six straight days, according to SoSoValue data.