As the Crypto Selloff Intensifies, Bitcoin has Dipped Below $60,000

As the Crypto Selloff Intensifies, Bitcoin has Dipped Below $60,000
Islamabad: Bitcoin's price plummeted below $60,000 on Monday as the cryptocurrency market experienced a sharp selloff. The world's largest cryptocurrency fell to as low as $59,306, marking a significant 7.5% daily loss by late afternoon EDT. This drop erased all gains made since the beginning of May, reflecting the current volatility in digital asset markets.
On the major cryptocurrency exchange Binance, Bitcoin's price dipped below $60,657 earlier in the day, underscoring the widespread nature of the selloff. Ethereum, the second-largest cryptocurrency by market capitalization, also saw a decline of 5.6%, trading at $3,284 at the same time. Other alternative coins (altcoins) faced even steeper losses, with some dropping more than 10% in value for the day.
The overall cryptocurrency market cap suffered a 5.6% decrease, totaling $2.2 trillion. Bitcoin's dominance, a measure of its share in the market, stood at 53.1%, while Ethereum held 18.4%, according to data from CoinMarketCap.
The selloff intensified following recent developments, including a significant Bitcoin transfer by the German government and an announcement from the defunct crypto exchange Mt. Gox. Last week, Germany sent 6,500 Bitcoins worth approximately $425 million to crypto exchanges, following a seizure earlier in the year. This move followed January's confiscation of 50,000 Bitcoins, the largest such action in Germany's crypto history.
Adding to market concerns, Mt. Gox disclosed plans to start distributing digital assets stolen from clients during a 2014 hacking incident starting in July. This news added further downward pressure on Bitcoin's price as investors reacted to potential increased market supply.
The cryptocurrency market's volatility continues to be driven by regulatory developments, institutional actions, and market sentiment, shaping the ongoing fluctuations in prices across major digital assets.