Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, came under renewed selling pressure, pushing its price down to the US$58,000 range. The decline marks Bitcoin's lowest level since September 2024 and extends the broader downtrend that has persisted over the past several months.

According to CoinGecko data on Friday (June 26, 2026), Bitcoin dropped from around US$61,500 to an intraday low of US$58,188, representing a decline of more than 5% over the previous 24 hours. By the time this article was written, Bitcoin had recovered part of its losses and was trading again near the US$59,000 level.

This price marks Bitcoin's lowest point since September 2024. During that period, the cryptocurrency began a major rally that eventually carried it to a record all-time high (ATH) of US$126,000 in October 2025.

At its current price, Bitcoin has fallen approximately 52% from that all-time high.

Selling pressure was not limited to Bitcoin but spread across the broader cryptocurrency market. Ethereum (ETH) declined about 5.5% to around US$1,530, XRP (XRP) fell roughly 4%, while Solana (SOL) and BNB (BNB) each retreated by approximately 2%.

As a result of the widespread sell-off, the total global cryptocurrency market capitalization contracted to around US$2.1 trillion.

Derivatives Market Also Hit Hard

Bitcoin's price decline also triggered a wave of liquidations across the cryptocurrency derivatives market.

During the past 24 hours, total liquidations reached approximately US$1.06 billion, equivalent to around Rp19 trillion. Most of the losses came from traders holding long positions, who had been betting on rising prices, with long liquidations totaling roughly US$839 million, or about Rp15 trillion.

Bitcoin and Ethereum recorded the largest liquidation volumes among all digital assets during the period.

Overall, more than 149,000 traders were liquidated within a single day, while the largest individual liquidation occurred on the Hyperliquid trading platform.

Market sentiment also deteriorated further. The Crypto Fear & Greed Index, which measures investor psychology in the cryptocurrency market, dropped to 13 out of 100. This level indicates Extreme Fear, reflecting that most investors continue to avoid risk and remain reluctant to re-enter the market.

Why Is Bitcoin Falling?

Bitcoin's latest decline has been driven by a combination of macroeconomic concerns and changing market expectations regarding U.S. interest rate policy.

One of the primary catalysts is the latest stance adopted by the U.S. Federal Reserve, which is now viewed as more hawkish than previously anticipated. Under the leadership of Federal Reserve Chair Kevin Warsh, central bank officials have signaled that the next likely policy move would be another interest rate hike rather than the rate cuts that markets had previously expected.

This shift in expectations has prompted investors to reduce their exposure to riskier assets, including technology stocks and cryptocurrencies.

At the same time, markets continue to assess the massive funding requirements associated with the artificial intelligence (AI) sector. Although memory chip manufacturer Micron reported strong financial results, most large-cap technology stocks declined, weighing on the Nasdaq index.

The combination of expectations for higher interest rates and weakness in major technology stocks further worsened sentiment toward risk assets, leading to another broad correction in both Bitcoin and the wider cryptocurrency market.