Bitcoin plunged to $58,000 on Thursday, hitting its lowest level since September 2024 as a surge in US inflation rattled global markets and triggered massive forced selling across crypto.
The drop came after the Bureau of Economic Analysis reported that the Personal Consumption Expenditures (PCE) price index rose 4.1% year-over-year in May — the highest reading in three years. Core PCE, which strips out food and energy, came in at 3.4%.
Stocks reacted sharply. The Nasdaq 100 dropped 2% in the first 30 minutes of trading, while the broader Nasdaq Composite fell 0.5%. The S&P 500 managed a small gain.
Bitcoin’s slide set off a wave of liquidations. More than $600 million in leveraged positions were wiped out in a single hour, according to CoinGlass data. Some traders accused market makers of deliberately pushing prices lower to squeeze out positions.
The sell-off draws uncomfortable parallels to the 2022 bear market, when similar macro-driven liquidations cascaded through crypto markets. Whether BTC finds footing here or continues lower likely depends on next week’s inflation data and the Fed’s rate outlook.
