Market Bloodbath: Bitcoin (BTC) Plunges Below $60K, Ethereum (ETH) Loses $3K

The price of Bitcoin (ETH), the largest cryptocurrency, briefly fell below the do-or-die $60,000 earlier today on the Bitstamp exchange.

At 16:07 UTC, the top cryptocurrency plunged to an intraday low of $59,672 on the Bitstamp exchange.

It has since recovered to $61,764, but the largest cryptocurrency is far from reclaiming its intraday high of $64,636.

This is the first time in more than a month that the price of the crypto king has dipped below $60,000. Bitcoin crashed to $59,313 on March 5 before recovering the following day and eventually hitting its current all-time high of $73,679 on the Bitstamp exchange on March 13.

The largest cryptocurrency is suffering from the double-whammy of diminishing exchange-traded fund (ETF) inflows and increasingly hawkish rhetoric from Federal Reserve Chair Jerome Powell. On Tuesday, Bitcoin recorded another $59.3 million worth of outflows. Meanwhile, JPMorgan has predicted that the Fed will have to make a hawkish pivot due to “above-trend” GDP growth.

DonAlt, a pseudonymous cryptocurrency trader with more than half a million followers on the X social media, recently said that a “washout” below the aforementioned $60,000 level appears to be “much more attractive” as of now.

The price of Ethereum (ETH), the leading altcoin, has also dropped below the key $3,000 level before paring some losses. Dogecoin (DOGE) is the biggest laggard in the top 10, dropping roughly 2.5%, according to CoinGecko data.

Almost $214 million worth of crypto has been liquidated over the past 24 hours, according to data provided by CoinGlass.