Bitcoin slides to $61,500 as crypto stocks tumble
Bitcoin hovered near $61,500 on 24th June, deepening a prolonged decline that has wiped out more than half of its value since its record peak in October 2025 and intensifying pressure on cryptocurrency‑linked equities.
24th June 2026 – (New York) Bitcoin hovered near $61,500 on 24th June, deepening a prolonged decline that has wiped out more than half of its value since its record peak in October 2025 and intensifying pressure on cryptocurrency‑linked equities. The digital asset briefly dipped below $60,000 on 5th June — a level not seen since late 2024 — before staging a modest rebound that has since faltered. Earlier this week, it touched $61,877, its weakest point since 11 June, underscoring fragile market sentiment. Analysts at Deutsche Bank attributed the downturn to shifting institutional dynamics. The bank now expects the US Federal Reserve to implement two interest rate increases in 2026, reversing earlier forecasts of rate cuts. Higher borrowing costs tend to diminish the appeal of risk‑heavy assets such as cryptocurrencies compared with cash or fixed‑income instruments. Institutional flows have also turned negative. Spot Bitcoin exchange‑traded funds have recorded six straight weeks of net outflows amounting to roughly US$6 billion, including US$2. 4 billion withdrawn in June alone. Deutsche Bank analyst Marion Laboure said Bitcoin is increasingly behaving like a mainstream institutional risk asset, with ETF allocators and corporate treasuries replacing retail investors as the marginal buyers — and driving prices lower when they pull back. Competition for speculative capital has intensified as well. Major U. S. technology companies are projected to spend more than US$700 billion on artificial intelligence infrastructure in 2026, prompting investors to treat AI‑related equities and Bitcoin as rival high‑growth plays. A sharp sell‑off in technology stocks earlier this week, which saw the Nasdaq 100 fall by as much as 3. 4 per cent, coincided with renewed weakness in cryptocurrency markets. The fallout has been particularly severe for listed companies built around Bitcoin accumulation strategies. Strategy, the largest corporate holder of Bitcoin, has fallen for five consecutive trading sessions and is down more than 20 per cent over the past week, extending its 30‑day loss to 26 per cent. Investor confidence was rattled in late May when the company sold 32 Bitcoin for about US$2. 5 million — its first disposal since 2022 — to fund preferred share distributions, undermining its long‑standing “buy and hold” narrative. The firm faces annual preferred dividend commitments estimated at US$750 million to US$800 million, while its cash reserves have declined from US$2. 25 billion at the start of the year to roughly US$900 million. Strive Asset Management, backed by Vivek Ramaswamy, has also come under strain. The company recently acquired 2,500 Bitcoin for US$185 million at an average price of US$74,092, leaving it with sizeable unrealised losses at current levels. Its shares fell following disclosure of the purchase, reflecting investor unease over aggressive buying at elevated prices. Strive now holds about 19,864 Bitcoin valued at roughly US$1. 3 billion and, like Strategy, must meet preferred dividend obligations irrespective of market performance. Other major crypto‑linked stocks have not been spared. Coinbase shares slipped 2. 5 per cent on Tuesday, while stablecoin issuer Circle fell more than 4 per cent, highlighting the broader strain across the sector as digital asset markets remain under pressure.