Bitcoin Plunges Below $60,000 as Asian Markets Extend Rout

Bitcoin prices plummeted below $60,000 on Friday before recovering to around $59,800. The cryptocurrency touched its lowest point since September 2024 at $58,188 before bouncing back up.

The decline comes as Asian equity markets continue their week-long rout, with South Korea's KOSPI falling 8% and Japan's Nikkei losing 3%. Over $1 billion in crypto leveraged positions were wiped out in the past 24 hours, affecting around 148,500 traders.

CF Benchmarks' Gabe Selby notes that Bitcoin has pulled back into the $50-60K zone, where buyers often step in. He cites this zone as having been established as support in mid-2024 and held through several key events since then.