Bitcoin Taps $60,000, Ethereum, XRP Fall Up To 9% In Painful Crypto Sell-Off

Benzinga_recent_news02:09

Analysts warn Bitcoin could break below $60,000 before forming a bottom. Speaking at the Milk Road interview panel on June 5, analysts floated the idea that Michael Saylor may have sold a small amount...

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helped signal that Strategy can sell when needed without breaking its long-term Bitcoin strategy.\nMacro pressure, weak stocks, oil uncertainty and capital rotation into AI remain bigger drivers than Saylor’s sale.\nAnalysts said Bitcoin’s drop lacked the kind of major volume spike usually seen at durable bottoms. One analyst expects BTC to move lower, potentially into the low-$50,000 range.\nAnalysts said Bitcoin is losing the short-term \"store of value\" battle to AI compute. Over the past six, AI sector attracted $400 billion in capital inflows.\nThey argued investors now see compute as both scarce and productive, while Bitcoin remains scarce but non-yielding.\nWhile analysts are not calling crypto dead, they are no longer treating all crypto assets equally.\nBitcoin may need a deeper reset, Ethereum still needs a clearer story, and the strongest upside may come from protocols with real revenue and product-market fit.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2641536147","isCrawlerRequest":true}