Bitcoin fell below the $60,000 mark on Wednesday, sliding to roughly $59,200 before clawing back to about $60,700 on Thursday, as spot ETF withdrawals and a hawkish Federal Reserve stance pressured the market.
Bitcoin Price Dynamics
According to CoinDesk data, the leading cryptocurrency recorded a 2.9% decline over the past 24 hours and a 5.4% drop for the week. The price movement reflects heightened volatility driven by macro‑economic factors and investor sentiment.
Altcoin Performance
Ethereum retreated 2.8% to $1,616, accumulating a 7.9% weekly loss, while XRP fell to $1.07, shedding 9.2% over seven days. Solana slipped to $68, and both Dogecoin and Hyperliquid’s HYPE token endured the steepest weekly corrections, tumbling 11.9% and 11.7% respectively.
Tron stood out as the lone major crypto gaining ground, posting a 1.9% weekly rise, suggesting divergent investor strategies across the blockchain ecosystem.
Market Drivers
FxPro chief market analyst Alex Kuptsikevich identified three core pressures: ongoing withdrawals from U.S. spot Bitcoin ETF products, the Federal Reserve’s restrictive monetary policy, and a U.S. dollar that hit seven‑month highs. A stronger dollar raises the effective cost of Bitcoin for overseas investors and steers capital away from speculative crypto assets.