Bitcoin fell below $60,000 to a fresh cycle low amid several overlapping pressures in the market. NYDIG research head Greg Cipolaro attributed the decline to competition from AI investments, upcoming tech IPOs and other factors.
Bitcoin's price slipped below $60,000 after a peak of $126,000 in October, marking a 53 percent drawdown. The move came 242 days after the high. NYDIG's Greg Cipolaro said in a report last week that no single cause stands out. Instead, capital rotation into AI stocks, preparations for large IPOs from firms such as SpaceX and OpenAI, and concerns over quantum computing threats have weighed on prices. Additional factors include a reported U.S. seizure of about $1 billion in Iranian-linked crypto assets and a small sale of 32 Bitcoin by Strategy. Onchain indicators suggest a bottom may be near, though the decline remains shallower than past cycles.
