Bitcoin Drops Below $60,000, Hitting Two-Year Low

Bitcoin, often called "digital gold," continues its volatile trajectory this year, recently falling below $60,000 for the first time in 21 months. The cryptocurrency's value has fluctuated significantly, dropping 17.43% in a single day in February before recovering to surpass $80,000 in May. However, a subsequent downturn has pushed it to $58,991.14, a 2.98% decrease in the last 24 hours.

This decline is attributed to sustained institutional selling through spot exchange-traded funds (ETFs) and increased inflows onto trading platforms, according to Coin Market Cap. The movement also aligns with broader macroeconomic trends, mirroring the S&P 500's performance.

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Investors will be watching the release of the U.S. PCE price index this Thursday, a key inflation indicator followed by the Federal Reserve, while tensions in the Middle East continue to add uncertainty and pressure on risk appetite.

"Investors will be watching the release of the U.S. PCE price index this Thursday, a key inflation indicator followed by the Federal Reserve, while tensions in the Middle East continue to add uncertainty and pressure on risk appetite," noted Carolina Gama, country manager for Bitget in Argentina. She added that U.S. spot Bitcoin ETFs saw net outflows of $469 million on Wednesday, signaling reduced investor exposure.

In contrast, the Argentinian market reacted differently. Lemon, a crypto wallet provider, reported that the recent price drop saw one of the top five highest Bitcoin trading volumes of 2026, with 88% of that volume representing purchases. This pattern echoes previous corrections, where significant price drops were accompanied by increased demand and buying volume.

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Yesterday was one of the 5 days with the highest Bitcoin trading volume of all 2026: 88% of the traded volume corresponded to these movements.