Crypto Market Plunges: Bitcoin Price Crashes Below $63,000 Amid Global Equity Market Crash

The cryptocurrency market experienced a sudden and violent drop on June 23, with Bitcoin's price crashing below $63,000. The sudden decline was accompanied by over $150 million in liquidated longs and over $530 million in 24-hour outflows.

Several factors contributed to the market downturn, including the crash of global equity markets, particularly in Asia, where South Korea's KOSPI plummeted 10% on June 23. This triggered a broader flight from risk assets, including cryptocurrencies.

U.S. spot Bitcoin ETFs have also seen six consecutive weeks of net outflows, totaling $227 million last week. Institutions are reducing their exposure to risk, which is weighing on sentiment.