Bitcoin hit its lowest level in 20 months as a deepening sell-off in tech stocks weighed on the world’s largest cryptocurrency.
The price of the digital asset sank below $60,000, which traders have viewed as an important support level for much of the past two years. Down as much as 5.4 per cent to $59,023.11 on Wednesday, bitcoin hit its lowest price since October 2024.
The plunge follows a sell-off in the stocks of large tech companies this week as traders bet that central bankers in the US would raise rates to combat inflation. Higher rates can weigh on risk sentiment, forcing investors to question stretched valuations and flee to relatively safer assets.
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