Why has Bitcoin crashed below $60,000?

Bitcoin (BTC) has dropped below the $60,000 mark for the first time since late 2024, causing fresh concern among crypto investors globally. On 24 June 2026, the world's largest cryptocurrency by market capitalisation slid to approximately $59,100 before recovering slightly. For context, Bitcoin reached an all-time high of $126,272 in October 2025 — meaning the current price represents a fall of over 50% from that peak (GuruFocus, June 2026).

The move was not caused by a single event but by several pressures colliding at once. This article breaks down the drivers behind the bitcoin crash, what the $60,000 level means technically, and what UK investors should know.

What triggered the bitcoin crash?

The Bitcoin price drop below $60,000 was driven by a combination of macro and crypto-specific factors that hit simultaneously, amplifying the selloff.

AI stocks rotation

The immediate trigger was a sharp two-day selloff in semiconductor and AI-related shares. When traders turn risk-off, they typically sell their most speculative holdings first — and Bitcoin sits firmly in that category. As institutional investors moved cash out of AI trades, Bitcoin was caught in the crossfire (Rio Times Online, June 2026).

Record Bitcoin ETF outflows

Bitcoin exchange-traded funds (ETFs) — which allow investors to gain exposure to Bitcoin without holding it directly — saw approximately $469 million exit in a single day on 24 June 2026, with BlackRock's IBIT ETF accounting for $239 million of that figure (CoinDesk, June 2026). Over the past month, total Bitcoin ETF net outflows have reached an estimated $6.4 billion (GuruFocus, June 2026).

When ETF holders redeem shares, issuers must sell the corresponding Bitcoin holdings to meet redemptions — creating mechanical selling pressure regardless of price.

CLARITY Act delay fears

Sentiment has also been dented by reports of a potential delay to the US CLARITY Act — a long-awaited regulatory framework for the cryptocurrency sector. Regulatory uncertainty has historically weighed on Bitcoin price, as institutional allocators require clearer rules before committing capital (Yahoo Finance, June 2026).

Long-term holder selling

Analysis from Compass Point Research suggests that selling from long-term Bitcoin holders (those holding for six months or more) is increasing — a pattern the firm describes as "a typical sign of late-cycle capitulation" (Yahoo Finance, June 2026). This type of selling often precedes a market bottom but can also accelerate downside pressure in the short term.

Why does the $60,000 level matter for Bitcoin?

The $60,000 mark is not just a round number — it has real structural significance in the derivatives market, which can amplify price moves in either direction.

According to derivatives exchange Deribit, there is over $1.2 billion in notional open interest sitting at $60,000 strike put options. Investors have purchased these as a hedge against a prolonged selloff. The problem is that market makers on the other side of these trades are "short gamma" — meaning they must sell spot Bitcoin or futures when the price approaches this level to hedge their books, which can accelerate the decline (CoinDesk, June 2026).

Additionally, highly leveraged long positions in the system face liquidation if the price breaks decisively through $60,000, creating the potential for a cascading selloff. Over $994 million in liquidations were processed on 24 June 2026 alone — around $780 million of which came from long positions (99Bitcoins, June 2026).

Bitcoin's 2026 performance in context

To understand the significance of the current bitcoin crash, it helps to set it in a longer timeline.

Source: GuruFocus, Yahoo Finance, CoinDesk (June 2026). Past performance is not a reliable indicator of future results.

Are there structural demand drivers that remain intact?

Despite the short-term bitcoin price drop, some analysts argue that longer-term structural demand drivers have not fundamentally changed.

Bitcoin ETF outflows, while significant in volume, represent a fraction of total institutional holdings accumulated since their US approval in early 2024. Mining operations approaching shutdown thresholds and extreme oversold technical readings are signals some analysts associate with market bottoms rather than the beginning of a prolonged bear market (Intellectia, June 2026).

However, prediction markets have priced in an 80% probability of Bitcoin falling below $60,000 before year-end 2026, reflecting significant uncertainty about the near-term outlook (Intellectia, June 2026).

UK traders with IG can monitor Bitcoin's price movements via our cryptocurrency trading page and gain exposure through CFDs without needing to hold Bitcoin directly.

What does the bitcoin crash mean for UK investors?

UK investors do not hold Bitcoin via ETFs in the same way as US investors — the FCA prohibits the sale of crypto ETFs and ETNs to retail clients in the UK. However, there are several ways to gain exposure.

With IG, UK investors can trade the Bitcoin price using CFDs (contracts for difference). CFDs are leveraged products, which means both gains and losses are magnified. They are also not suited to long-term holding due to overnight funding charges. Spread betting on Bitcoin is also available and offers the additional benefit of being exempt from capital gains tax for UK residents (tax treatment depends on individual circumstances and may be subject to change).

For those looking to understand the broader landscape, our article on how to trade bitcoin covers the key mechanics in detail.

You can also explore the Crypto Stocks Index basket with IG, which provides exposure to companies with significant crypto-related revenue — an alternative way to track sentiment in the sector without direct cryptocurrency exposure.

Bitcoin crash summed up

• Bitcoin fell below $60,000 on 24 June 2026 — its lowest since late 2024 — driven by an AI stock selloff, record ETF outflows, regulatory uncertainty, and long-term holder selling.
• Bitcoin is now roughly 53% below its October 2025 all-time high of $126,272 (GuruFocus, June 2026).
• The $60,000 level carries technical importance due to over $1.2 billion in put options open interest at that strike (CoinDesk, June 2026).
• UK retail investors cannot access Bitcoin ETFs via IG; CFDs and spread bets on Bitcoin price remain available.
• Some analysts point to structural demand drivers remaining intact, but prediction markets reflect significant near-term uncertainty.

Trade Bitcoin with IG

Frequently asked questions

Cryptoassets are highly volatile and largely unregulated. No consumer protection. Tax on profits may apply. You should be prepared to lose all the money you invest in cryptoassets. This article is for informational and educational purposes only and does not constitute financial advice.