Bitcoin falls to $60,000 as AI trade continues to draw investor interest and capital
CoinDesk 2026-06-24 16:01:02
Context: On Wednesday, June 24, 2026, the cryptocurrency market experienced a downturn, with Bitcoin's price falling to the $60,000 area, as the AI trade continued to draw investor interest and capital. This decline was accompanied by sharp pullbacks in gold and oil, undermining the 2025 "debasement trade" that had favored hard assets amid worries over government debt and fiat currencies. The tech sector, particularly AI, has been attracting investors, with South Korean memory chip giant SK Hynix filing to raise nearly $30 billion in a U.S. share offering.
Key Facts
- Bitcoin's price dropped to the $60,000 area on Wednesday, June 24, 2026, for the second time this month, continuing its poor price action in the face of risk market rallies elsewhere, with a current price of $60,406.11, representing a 3.34% decline.
- Gold and oil also lost ground on Wednesday, with gold falling below $4,000 per ounce and oil dropping below $70 per barrel, marking a significant decline in the "debasement trade" that had favored hard assets.
- South Korean memory chip giant SK Hynix filed to raise nearly $30 billion in a U.S. share offering, which would be the largest overseas company capital raise since Saudi Aramco's $26 billion sale in 2019.
- Billionaire hedge fund manager Philippe Laffont expressed concerns about Bitcoin's future, stating that investors now have a wider range of opportunities to choose from, including companies like SpaceX and emerging AI firms, which offer more easily evaluable growth stories.
- The Nasdaq rose 0.8% at midday on Wednesday, while Bitcoin slumped 3.2%, highlighting the diverging fortunes of the tech sector and the cryptocurrency market.