Crypto Market Slides: Bitcoin Tests $60K as Fear Grips Traders
Bitcoin dipped near a two-week low around $60,000 on June 25 as a hawkish Fed, a stronger dollar, and a tech-stock selloff pushed the crypto market into extreme fear.
The crypto market remained under heavy pressure on Wednesday, with Bitcoin trading around $60,000 after sliding to a two-week low near $59,600 earlier in the session. The largest cryptocurrency has now fallen roughly 4.5% on the week and sits well below its late-May peak near $77,600.
The selling was broad. Ethereum dropped toward $1,600, Solana slipped near $67, and XRP fell to around $1.06, with most major tokens down between 3% and 6%. The fact that the entire market moved together points to a macro-driven risk-off mood rather than any single crypto problem.
The biggest weight is coming from the Federal Reserve. After its June 18 meeting, the Fed held rates steady but dropped its earlier signals of future cuts, taking a more hawkish tone. That has lifted the U.S. dollar to its strongest level in over a year and pushed bond yields higher — both headwinds for assets like Bitcoin that pay no yield. A renewed selloff in AI and chip stocks added to the pressure, as investors pulled back from riskier bets across the board.
Institutional demand has also cooled. U.S. spot Bitcoin ETFs have now seen a sixth straight week of net outflows, with withdrawals totaling roughly $5.9 billion. The Fear & Greed Index sits at 24, deep in "extreme fear" territory, and has stayed there for weeks.
There were small signs of stabilization late in the day. After chipmaker Micron beat earnings expectations, crypto-linked stocks such as Coinbase and Circle bounced in after-hours trading, and Bitcoin clawed back toward $60,500. Still, traders are watching the $59,000 area closely; some analysts warn a clean break could open the door toward $55,000, while reclaiming $65,000 would be an early sign the selling is easing.
This article is for informational purposes only and is not financial advice.