Bitcoin Plunges Below $60,000 as Gold Falls Below $4,000

Bitcoin dropped to $60,000 on Wednesday, while gold fell below $4,000 for the first time this year. Trading firm Wintermute's options desk put bitcoin in a $61,242 to $63,563 range for Tuesday.

The correlation between tokens is rising, but there are no fresh ETF bids in sight. President Trump canceled a planned housing bill signing ceremony minutes ago, which was supposed to be held on Wednesday. The bill included a ban on the Federal Reserve issuing a central bank digital currency (CBDC) through at least 2030.

Michael Saylor's Strategy slid below $100 for the first time in more than two years, while the Magnificent Seven stocks rebounded after several weeks of weakness. This helped lift the broader equity market, with the S&P 500 and Nasdaq 100 up nearly 1% as investors rotated back into large-cap technology names.

Joseph Medioli, a former executive at crypto custody firm Anchorage Digital, joined Morgan Stanley's digital asset team as executive director and deputy head of digital asset strategy. This comes as major Wall Street firms deepen their involvement in digital assets.