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<p>The post <a href="https://coinpedia.org/news/why-did-bitcoin-btc-price-drop-below-60k/">Why Did Bitcoin (BTC) Price Drop Below $60k?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC) price</a> slipped over 4 percent on Wednesday to reach a daily low of about $59,712 during the early New York session. The sudden 3.3 percent crypto drawback to around $2.34 trillion caused over $140 million in forced long liquidations.&nbsp;</p> 
<p>As the altcoin industry grapples with significant losses in the past 24 hours, more investors have sought refuge in the <a href="https://markets.coinpedia.org/stable-coins/" target="_blank" rel="noreferrer noopener">stablecoins market</a>. According to the latest crypto oracles, the total stablecoins market, currently valued at about $160 billion, had an average daily traded volume of over $52 billion.&nbsp;</p> 
<p>In comparison, Bitcoin and Ethereum had a combined daily average traded volume of about $38 billion.</p> 
<h2 class="wp-block-heading" id="h-top-reasons-bitcoin-price-slipped-below-60k">Top Reasons Bitcoin Price Slipped Below $60k</h2> 
<h3 class="wp-block-heading" id="h-upcoming-high-impact-news"><strong>Upcoming High-Impact News</strong></h3> 
<p>Later today, the United States Department of Labor will be releasing the unemployment claims, which is a strong indicator of economic health. Additionally, the US Federal Reserve will be releasing the FOMC meeting minutes, which will shed much-needed light on the economic outlook.</p> 
<p>Notably, the Fed is expected to remain dovish ahead of the US general election and initiate interest rate cuts.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-poor-performance-of-spot-btc-etfs"><strong>Poor Performance of Spot BTC ETFs</strong></h3> 
<p>The <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">US spot Bitcoin ETFs</a> have registered notable fluctuations in cash flows in the recent past. After five days of positive cash inflows, the US spot Bitcoin ETFs register a total cash outflow of about $14 million on Tuesday.&nbsp;</p> 
<p>The declining demand for spot Bitcoin ETFs amid the <a href="https://coinpedia.org/news/bitcoin-major-sell-off-coming-as-mt-goxs-9-billion-repayment-begins-today/" target="_blank" rel="noreferrer noopener">upcoming Mt.Gox distribution</a> and heightened sales from the German government has significantly weighed heavily on bullish sentiment.</p> 
<h3 class="wp-block-heading" id="h-anticipated-spot-ethereum-etf-listing"><strong>Anticipated Spot Ethereum ETF Listing</strong></h3> 
<p>The listing of the approved spot Ethereum ETFs is forecasted to happen tomorrow, which will put the altcoin market in a higher spotlight. Already, the Bitcoin dominance has been forming a macro reversal pattern, which will accelerate the ongoing crypto cash rotation to the altcoin industry.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/whale-sell-off-crashes-crypto-market-ldo-aave-uni-fxs-trading-in-red/" target="_blank" rel="noreferrer noopener">Whale Sell-Off Crashes Crypto Market: LDO, AAVE, UNI &amp; FXS Trading in Red</a></p>

Why Did Bitcoin (BTC) Price Drop Below $60k?

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