With $1.9 billion exiting the spot Bitcoin ETFs and tech stocks under pressure, BTC is failing as a hedge and at risk of falling below the $60,000 support.
Key takeaways:
The Nasdaq 100 Index dropped 7.5% in the seven days leading up to June 10, wiping out $2.7 trillion in market value. The fallout represents more than twice the entire Bitcoin (BTC) market capitalization and has put traders on alert, especially as inflation data feels the heat from high oil prices. Traders now fear that Bitcoin support near $60,000 stands at risk.
