Bitcoin Price Dives Below $60,000 as Crypto Market Selloff Continues

Bitcoin's price fell below $60,000 on Wednesday as the cryptocurrency market experienced a broad selloff. The largest crypto asset by market value dropped nearly 5% over the past 24 hours, reaching a low near $59,600 and trading around $59,800 at press time.

The decline triggered more than $650 million in liquidations during the same period, with long positions accounting for roughly $580 million of the total. The selloff spread across the wider crypto market, with Ether falling below $1,600 and Solana dropping below $67.

The total crypto market value fell to about $2.08 trillion, leaving the broader market down roughly 3% on the day. This decline follows a difficult week across traditional financial markets, where investors reassessed elevated technology valuations and the cost of artificial intelligence infrastructure.