{"id":46325,"date":"2026-06-24T18:37:29","date_gmt":"2026-06-24T18:37:29","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=46325"},"modified":"2026-06-24T18:37:29","modified_gmt":"2026-06-24T18:37:29","slug":"bitcoin-price-collapses-to-59000-and-the-worst-may-not-be-over","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=46325","title":{"rendered":"Bitcoin Price Collapses to $59,000 \u2014 and the Worst May Not Be Over"},"content":{"rendered":"

Bitcoin Magazine<\/a>
\n
\nBitcoin Price Collapses to $59,000 \u2014 and the Worst May Not Be Over<\/a><\/p>\n

<\/div>\n

Bitcoin price has crashed through $60,000, touching lows not seen since October 2024 and erasing months of gains in a matter of days. At press time, bitcoin price trades at $59,566 \u2014 down more than 10% in 24 hours and roughly 53% off its all-time high<\/a> of $126,277 set last October.<\/p>\n

The drop has been brutal, fast, and \u2014 for many holders \u2014 a gut punch that raises a question nobody wants to ask: how much lower can this go? No single event really broke bitcoin price. What happened instead was a convergence of bad news that hit all at once.<\/p>\n

U.S. spot Bitcoin ETFs posted net outflows of approximately $113.8 million as of June 23, marking a fourth consecutive day of withdrawals. BlackRock\u2019s IBIT<\/a> led the exits with roughly $182 million in outflows, while Fidelity\u2019s FBTC and ARK 21Shares\u2019 ARKB attracted about $23 million and $31 million, respectively.<\/p>\n

The Federal Reserve made things worse. With U.S.-Iran tensions pushing crude oil prices higher and reigniting inflation fears, Fed officials began walking back any talk of rate cuts \u2014 and some floated<\/a> the possibility of rate hikes. That sent a clear signal to risk asset markets: the liquidity spigot is closing.<\/p>\n

Then came Strategy<\/a>. The company, long seen as an anchor of corporate Bitcoin conviction with its \u201cnever sell\u201d posture, sold 32 BTC between May 26\u201331<\/a>.\u00a0<\/p>\n

This might (or might not) be the end for bitcoin price<\/h2>\n

Standard Chartered\u2019s Geoffrey Kendrick, Global Head of Digital Assets Research, put out a client note in early June declaring<\/a> that Bitcoin price\u2019s drop to $59,000 marks the definitive cycle bottom \u2014 and reaffirmed the bank\u2019s year-end target of $100,000. That\u2019s roughly 70% upside from current levels. Kendrick tied his conviction to three signals he said needed to materialize: renewed ETF inflows, fresh corporate treasury purchases, and declining oil prices as geopolitical tensions ease.<\/p>\n

On June 23, the first of those signals flickered. Spot Bitcoin ETFs recorded $39.2 million in net inflows \u2014 the first positive day after a prolonged bleeding streak \u2014 led by ARK 21Shares\u2019 ARKB at $31 million.\u00a0<\/p>\n

Corporate buyers have not stopped. Strategy purchased<\/a> 520 BTC for approximately $35 million this week. Strive Asset Management added 759 BTC at an average price near $65,850. These are not panic sells \u2014 these are institutional bids placed into a falling market.<\/p>\n

On-chain, roughly half of all Bitcoin supply is now underwater. In prior cycles, that crossover has marked the floor \u2014 not the beginning of a deeper collapse.<\/p>\n

\"bitcoin<\/figure>\n

This post Bitcoin Price Collapses to $59,000 \u2014 and the Worst May Not Be Over<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Bitcoin Price Collapses to $59,000 \u2014 and the Worst May Not Be Over Bitcoin price has crashed through $60,000, touching lows not seen since October 2024 and erasing months of gains in a matter of days. At press time, bitcoin price trades at $59,566 \u2014 down more than 10% in 24 hours and […]<\/p>\n","protected":false},"author":1,"featured_media":46326,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-46325","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin"],"yoast_head":"\nBitcoin Price Collapses to $59,000 \u2014 and the Worst May Not Be Over - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=46325\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Collapses to $59,000 \u2014 and the Worst May Not Be Over - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bitcoin Magazine Bitcoin Price Collapses to $59,000 \u2014 and the Worst May Not Be Over Bitcoin price has crashed through $60,000, touching lows not seen since October 2024 and erasing months of gains in a matter of days. 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