# Bitcoin Cracks Below $60,000 as Portnoy Dares the Bulls to Explain Themselves

> 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.

**Type:** article · **Category:** Crypto · **Published:** 2026-06-24 · **Source:** TrendKia
**Canonical:** 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 · **Language:** English
**Tags:** Bitcoin crash, crypto market, Portnoy, liquidations, Glassnode, DXY, Henrik Zeberg

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.

Amid 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.

> 

> "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.

## Lowest Since October 2024
Today'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.

**Strategy** (MSTR) is currently trading at prices not seen since February 2024, while assets like STRC are sinking to fresh all-time lows.

## Hundreds of Millions Wiped Out in a Day
According to CoinGlass liquidation figures, 169,531 traders were completely liquidated in the rout. Total market liquidations climbed to a staggering $869.39 million.

The 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.

## What Triggered the Break
On-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.

## Glassnode warned that "broad demand remains absent."

## An Economist's Warning
Economist 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.

> "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.
He cautioned that the market is entirely unprepared for what lies ahead, adding, "Most investors have never experienced a true global scramble for dollars."

## What this means for you
- **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.
- **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.

## Questions & Answers

### 1. How much did Bitcoin fall?
Bitcoin dropped 4.2% in a single day and slid below $60,000, its lowest level since October 2024.

### 2. What did Portnoy say?
Without naming anyone, he challenged the bulls to explain why those who call Bitcoin a scam heading to zero are wrong.

### 3. How many traders were liquidated?
According to CoinGlass data, 169,531 traders were completely liquidated.

### 4. What was the total liquidation amount?
Total market liquidations reached $869.39 million, of which long positions alone accounted for $785.31 million.

### 5. What caused the drop?
Glassnode points to ongoing ETF outflows, mass loss realization by panicked investors, and defensive options positioning.

### 6. What did Henrik Zeberg warn about?
He 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.

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