Bitcoin · Federal Reserve (FED) · Kevin Warsh · Decrypt
Bitcoin Pops Off 21-Month Low to $60K as Soft Data Eases Rate-Hike Fears
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Bitcoin bounced off its lowest level in nearly two years Wednesday, as soft U.S. economic data and noncommittal comments from the Federal Reserve chair gave respite to a battered market.
Key facts
- The largest cryptocurrency fell to an intraday low of $57,779, its weakest print since September 2024, before rebounding 2.8% to around $60,000, according to CoinGecko data
- The ISM manufacturing index eased to 53.3 from 54, and its prices-paid gauge tumbled to 73 from 82.1, hinting that inflation pressure may be cooling
- Accumulation Below the Surface $BTC has fallen below $60K as ETF outflows persist
- Amram Adar, founder and CEO of Oobit noted that a drop like this spikes the crypto Fear and Greed index, which currently sits at 11, marking "Extreme Fear"—but he argues the pain no longer spreads
Summary
Bitcoin clawed its way back to $60,000 Wednesday after falling below $58,000, its lowest level since September 2024. The rebound followed softer-than-expected U.S. jobs and factory data and noncommittal comments from Fed Chair Kevin Warsh, easing fears of further rate hikes. It caps a brutal June in which U.S. spot Bitcoin ETFs shed a record $4.5 billion, even as Glassnode data shows long-term holders quietly accumulating. The largest cryptocurrency fell to an intraday low of $57,779, its weakest print since September 2024, before rebounding 2.8% to around $60,000, according to CoinGecko data.