Bitcoin Drops Below $60K, Triggering More Than $1 Billion in Liquidations

The Bitcoin price has tumbled to almost two-year lows at $58k, triggering a severe sell-off in the crypto market. Although the BTC price managed to slightly recover, the sudden drop has sparked massive liquidation across the market. Over $1 billion in assets has been wiped out across various crypto exchanges in the past 24 hours.

The crypto market crash and selloff underscore the weakening investor sentiment. Amid growing uncertainty in the global financial markets, investors are moving away from riskier assets. While BTC led the recent market correction, altcoins such as Ether, XRP, and Dogecoin also recorded severe losses.

Explaining the Bitcoin price crash today

The crypto market is currently facing significant pressure. This is because of the broader risk-off sentiment. The global market has reached a low of $2.06 trillion, down by about 2.7% in a day. This crypto market crash is led by BTC, which has reached a multi-year low of nearly $58k.

As of now, the BTC price is marked at $59,780, with a 2.9% plummet in a single day. Over the past week and month, the coin has faced more notable drops of 4.6% and 20%, respectively. Amid this correction, the 24-hour trading volume has surged by 2.61% to $44.6 billion, which indicates the traders’ growing selling activity. As the Bitcoin price continues to fall, the community remains less optimistic, forcing them to dump their holdings.

What led to the BTC price correction?

Significantly, there are a few negative catalysts that have led to the current Bitcoin price crash and the broader market correction. These include the latest inflation report, weakness in the global tech stocks, and the changing investor sentiment.

PCE report hits 3-year high

It is worth noting that the latest drop in the Bitcoin price is largely driven by the stronger-than-expected inflation data. On June 25, 2026, the U.S. Bureau of Economic Analysis (BEA) released the May Personal Consumption Expenditures (PCE) index. The data revealed that inflation rose to 4.1% year-over-year, which marks a significant growth from April’s 3.8%.

Source: BEA

While the inflation rate marks a three year-high, it has cast a shadow over the Federal Reserve’s potential interest rate cuts. As there are still possibilities for the Fed to hike the rates, the crypto market is under pressure, with Bitcoin leading the charge.

Tech stocks stumble

The decline in global financial markets deserves special attention at this time. After Apple announced price hikes for its multiple products, global stocks have seen a sharp drop. South Korea’s Kospi index plummeted by about 9%. With chipmakers SK Hynix and Samsung recording steep losses, Kospi halted trading for the second time in a week.

Investors move away from crypto

Amid higher inflation rates and broader financial issues, investors tend to remain safe, moving away from cryptocurrencies. Usually, during such macroeconomic issues, investors shift their funds to safe-haven assets like gold. Thus, the shift in investor sentiment has resulted in a substantial dip in the demand for cryptocurrencies, leading to their fall.

Bitcoin price crash wipes out more than $1B in crypto

Driven by these negative triggers and the resulting Bitcoin price crash, the crypto market is hit with a massive sell-off. As per CoinGlass data, over $1 billion in cryptocurrencies were liquidated within a day. Among these assets, the largest contribution is from BTC, ETH, XRP, and DOGE.

Source: CoinGlass

Considering the figures, $1.08 billion in liquidations occurred. Of them, longs accounted for $845 million and shorts for around $235 million. In terms of individual assets, Bitcoin saw almost $500 million liquidated, while Ether saw around $300 million. XRP and DOGE have also seen significant losses, with about $44 million and $7 million removed over the past day.

Source:: Bitcoin Drops Below $60K, Triggering More Than $1 Billion in Liquidations