{
  "type": "article",
  "title": "Bitcoin Cracks Below $60,000 as Portnoy Dares the Bulls to Explain Themselves",
  "summary": "Bitcoin slid under $60,000 once more, hitting its lowest level since October 2024 and triggering a wave of liquidations that wiped out 169,531 traders. As sentiment soured, Portnoy used social media to challenge crypto's loudest believers.",
  "content": "The mood across crypto markets turned sour in a hurry as Bitcoin once again broke below the $60,000 mark. The sharp slide dragged investor sentiment down with it, and the panic on trading screens was hard to miss.\n\nAmid the sell-off, Portnoy took to social media and, without naming anyone, aimed his words at the most vocal believers who have kept making outsized predictions about Bitcoin.\n\n \n\n \"I need all the Bitcoin and crypto people who say it's going to a million and how it's the future to tell me why all the people who have always said it's a scam and going to zero are wrong,\" Portnoy wrote.\n\nLowest Since October 2024\nToday's drop pushed Bitcoin to its weakest level since October 2024, with the price tumbling by 4.2%. The damage did not stop at Bitcoin itself; the stocks widely treated as crypto proxies took a beating too.\n\nStrategy (MSTR) is currently trading at prices not seen since February 2024, while assets like STRC are sinking to fresh all-time lows.\n\nHundreds of Millions Wiped Out in a Day\nAccording to CoinGlass liquidation figures, 169,531 traders were completely liquidated in the rout. Total market liquidations climbed to a staggering $869.39 million.\n\nThe heaviest blow landed on those betting on a rise. Long positions alone accounted for $785.31 million of the 24-hour wipeout, meaning the bulk of the financial pain fell on bullish traders.\n\nWhat Triggered the Break\nOn-chain analytics firm Glassnode points to several forces behind Bitcoin's break. These include ongoing ETF outflows, mass loss realization by panicked investors, and defensive options positioning.\n\nGlassnode warned that \"broad demand remains absent.\"\n\nAn Economist's Warning\nEconomist Henrik Zeberg flagged a key detail: Bitcoin's fall below $60,000 is unfolding while the U.S. Dollar Index (DXY) sits at a relatively low 101.\n\n \"Now imagine what happens when the DXY revisits its 2001 highs during the deflationary bust I expect to unfold into late 2026 and early 2027,\" Zeberg said.\nHe cautioned that the market is entirely unprepared for what lies ahead, adding, \"Most investors have never experienced a true global scramble for dollars.\"\n\nWhat this means for you\n• For investors: With Bitcoin slipping under $60,000 and $785.31 million in long positions wiped out, leveraged or bullish bets are extremely risky right now.\n• For MSTR and crypto-proxy holders: Strategy (MSTR) is at its lowest since February 2024, so it is not just crypto but the related stocks that are hitting portfolios directly.\n\nQuestions & Answers\n\n1. How much did Bitcoin fall?\nBitcoin dropped 4.2% in a single day and slid below $60,000, its lowest level since October 2024.\n\n2. What did Portnoy say?\nWithout naming anyone, he challenged the bulls to explain why those who call Bitcoin a scam heading to zero are wrong.\n\n3. How many traders were liquidated?\nAccording to CoinGlass data, 169,531 traders were completely liquidated.\n\n4. What was the total liquidation amount?\nTotal market liquidations reached $869.39 million, of which long positions alone accounted for $785.31 million.\n\n5. What caused the drop?\nGlassnode points to ongoing ETF outflows, mass loss realization by panicked investors, and defensive options positioning.\n\n6. What did Henrik Zeberg warn about?\nHe noted Bitcoin fell while the DXY sits at just 101, and warned the market is unprepared for a possible deflationary bust into late 2026 and early 2027.",
  "url": "https://trendkia.com/en/crypto/bitcoin-60-000-ke-niche-lurhaka-portnoy-ka-tikha-savala-kya-crypto-ki-kahani-aba-khatma-hone-ko-hai-2792",
  "category": "Crypto",
  "publishedAt": "2026-06-24",
  "tags": [
    "Bitcoin crash",
    "crypto market",
    "Portnoy",
    "liquidations",
    "Glassnode",
    "DXY",
    "Henrik Zeberg"
  ],
  "language": "en",
  "site": "TrendKia"
}