Mike McCluskey said bitcoin’s decline reflects its high-beta linkage to tech stocks, not a breakdown in crypto-specific fundamentals. On Tuesday, June 23, South Korea’s Kospi fell more than 8% and triggered a Level 1 circuit breaker amid a sharp global semiconductor selloff. McCluskey argued the shock spread from Seoul to the Nasdaq and helped drive BTC down to $59,018.

As Bitcoin fell to $59,307, veteran trader Bob Loukas urged investors to stay calm and argued that Bitcoin is “not dead.” He said what is fading is the social-media narrative of quick profits. Loukas framed the sell-off as part of a bear-market process rather than an end to the asset.

A Bitcoin (BTC) flash crash on June 25, 2026, erased $48 billion from its valuation in about 25 minutes.

Bitcoin slid to its lowest level of 2026 on Thursday, touching $58,035 on Bitstamp at 9:55 a.m. Eastern time. Over the past 24 hours, $40 billion has been erased from total crypto market capitalization, pushing it close to falling below the $2 trillion mark. The move underscored broad risk-off sentiment across digital assets.

Bitcoin slipped below the $60,000 mark on June 25 as spot ETF outflows and leveraged liquidations added to selling pressure across crypto markets. BTC fell to around $59,400 after briefly hitting an intraday low near $58,000, dragging major tokens including Ethereum, Solana, XRP and BNB lower. More than $1.48 billion in crypto positions were liquidated over the past 24 hours, underscoring the scale of the move.

Bitcoin slipped under $59,000, falling below that level for the first time since September 2025. The cryptocurrency was trading around $58,900 after a 3.7% drop over the past 24 hours.

The amount of bitcoin currently held at a loss has climbed to a record 10.83 million BTC. The figure suggests a large share of holders are sitting on unrealized losses, underscoring the market’s broader weakness and its impact on investor sentiment.

Bitcoin rebounded after a sharp selloff, even as a fresh wave of regulatory and policy disputes kept crypto markets on edge. Claims around Iran-linked activity involving CoinEx intensified, alongside renewed focus on the Clarity Act and Europe’s MiCA rollout. In the U.S., debate over a potential CBDC flared after President Trump tied a housing bill to a provision limiting Fed issuance.