Bitcoin dropped below $60,000 on Wednesday, extending a broad crypto selloff as pressure across technology stocks and other risk assets spilled into digital markets.

The largest crypto asset by market value fell nearly 5% over the past 24 hours, reaching a low near $59,600. Bitcoin was trading around $59,800 at press time.

The selloff triggered more than $650 million in liquidations during the same period, according to CoinGlass data. Long positions accounted for roughly $580 million of the total, while short liquidations reached about $70 million.

The selloff spread across the wider crypto market. Ether fell below $1,600 and traded near $1,590, while Solana dropped below $67 and XRP traded around $1.05.

The total crypto market value fell to about $2.08 trillion, leaving the broader market down roughly 3% on the day.

The decline followed a difficult week across traditional financial markets. The S&P 500 has fallen roughly 3% since mid June, while the Nasdaq has dropped close to 4% over the same period as investors reassessed elevated technology valuations and the cost of artificial intelligence infrastructure.

The selling extended across technology stocks, precious metals, oil and crypto. Nvidia traded below $200, Microsoft fell near $372 and Apple remained close to $300. Most Magnificent Seven stocks were trading lower during the session.

Crypto related equities suffered steeper declines as Bitcoin moved below $60,000. Strategy shares fell below $100 and traded near $95, down almost 9%, while treasury companies including Strive, Bitmine and SharpLink declined about 9%, 5% and 3.5%, respectively.

The weakness spread across the wider crypto sector, with Robinhood and Coinbase falling around 4.5%, Circle dropping nearly 6%, Galaxy Digital losing about 5% and Bullish declining close to 4%. Mining and data center stocks also moved lower, with IREN and Cipher down about 6%, TeraWulf falling 4.5% and Hut 8 losing roughly 4%.

Institutional demand has also weakened. According to Farside Investors data, US spot Bitcoin exchange traded funds recorded approximately $180 million in combined net outflows on Monday and Tuesday, while spot Ether exchange traded funds posted about $152.5 million in combined outflows over the same period.

The continued redemptions added another source of selling pressure. With the latest decline, Bitcoin has now fallen below $60,000 twice in June, returning on both occasions to levels last seen in October 2024.