Live Market Update: Bitcoin Sinks to $62K as Nasdaq Slides 2% Following Asia Rout

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A sharp bout of selling sparked nearly $700 million in liquidations, as leveraged bets were flushed out across crypto markets.

Bitcoin’s $59,000 level is now a key support to watch, with thinning liquidity and mounting macro pressure putting the market on edge. Wintermute flagged the zone as increasingly important as uncertainty builds.

Currently trading near $62,400, with ether around $1,650, both assets have drifted toward the lower end of their recent ranges following hawkish signals from the Federal Reserve and ongoing geopolitical shifts in the Middle East.

Crypto continues to track broader risk assets closely, with correlations tightening amid lighter summer trading volumes. Tepid inflows into spot bitcoin ETFs have further exposed the market to macro-driven moves and equity weakness.

With stocks still looking stretched, analysts caution that any seasonal pullback in equities could spill over into digital assets.

Key catalysts in focus include updates on Middle East negotiations, upcoming U.S. PCE inflation data, and the expiration of second-quarter options.

Bitcoin is holding near its 200-week moving average, a level historically associated with long-term bottoms, according to Charles Schwab’s Jim Ferraioli.

It is also hovering close to miners’ production costs—estimated in the low $60,000 range—making this zone particularly significant. Sustained moves below it could strain mining operations.

Despite recent downside tests, major support levels established earlier this year remain intact.

On the mining side, network difficulty has declined about 20% from last year’s peak, returning to early February levels. The next adjustment, expected June 27, is projected to rise, potentially signaling a recovery in mining activity.

Meanwhile, bitcoin treasury firm Nakamoto (NAKA) has completed its exit from healthcare, finalizing its transition into a bitcoin-focused business across media, asset management, and advisory.

The stock, formed through a SPAC merger, has plunged from nearly $680 in mid-2025 to under $4, underscoring the volatility of bitcoin-linked equities.

In traditional markets, AI chipmaker Cerebras Systems is set to report its first earnings as a public company, marking an early test after a turbulent post-IPO stretch.

Volatility is rising across both crypto and equities. Measures for bitcoin and the S&P 500 have climbed as demand for downside protection increases amid growing concerns around tech valuations.

What started as a U.S. tech selloff has spread globally, with South Korea’s Kospi dropping sharply on semiconductor weakness.

Bitcoin, however, has shown relative resilience, holding near $62,500 and staging a modest rebound as the Nasdaq recovered from earlier losses.

Macro forces remain in control. A global unwind in AI-driven trades is pressuring risk assets, while higher yields and a hawkish Fed add to the headwinds.

At the same time, easing oil prices—helped by progress in U.S.-Iran talks—are reducing inflation concerns and offering a mild supportive backdrop.

For now, bitcoin remains range-bound near key support, caught between weakening risk sentiment and improving macro conditions. The $59,000–$60,000 range remains critical, with a break lower potentially opening the door to deeper downside.