Bitcoin drops below $60,000 amid multiple headwinds

Bitcoin has fallen below the $60,000 mark, reaching its lowest price since October 2024, with a nearly 20% decline this week. This downturn is attributed to several converging factors, including its largest buyer, Strategy, turning into a seller, persistent outflows from spot Bitcoin ETFs, and renewed fears of interest rate hikes. The speculative shift towards artificial intelligence investments and concerns about AI's potential to expose crypto protocol weaknesses have also contributed to the pressure on Bitcoin and the broader crypto market.