Key facts
- Bitcoin's price has fallen below $60,000.
- The drop is attributed to a hawkish Federal Reserve, outflows from Bitcoin ETFs, and capital moving into AI.
- Ether also experienced a decline.
- Bitcoin reached its lowest level in more than five weeks.
Bitcoin has fallen below the $60,000 mark, reaching its lowest level in over five weeks, according to analysis from Deutsche Bank. The cryptocurrency's decline is attributed to a confluence of factors including a hawkish stance from the Federal Reserve, significant outflows from Bitcoin exchange-traded funds, and a reallocation of capital towards investments in artificial intelligence.