Bitcoin ($BTC) has slumped into the $58,000 range, wiping out more than $1.2 billion (£910 million) in leveraged crypto positions in 24 hours and dropping to its lowest level since late 2024, as institutional selling and weakening demand weigh on the market.
The world's largest cryptocurrency by market capitalisation fell to around $58,100 (£44,100) before recovering towards $59,000 (£44,800), erasing billions of dollars in leveraged positions and reviving questions over whether the recent decline is driven by crypto-specific weakness or broader financial market pressure.
