Markets Turn Lower: Bitcoin Slides to $60K, Gold Breaks Below $4,000 Threshold

Wintermute’s options desk expects Bitcoin to stay range-bound between $61,242 and $63,563 on Tuesday, citing rising correlation across crypto assets and the continued absence of fresh ETF inflows.

Crypto markets extended losses into midday U.S. trading, with Bitcoin struggling to hold above $60,000 after falling more than 3% over the past 24 hours. Ether, Solana, and XRP also declined, reflecting broad weakness across major tokens.

The downturn persisted even as equities rebounded from an earlier dip, led by strength in AI-focused stocks. The Nasdaq rose 0.8%, highlighting a growing disconnect between tech equities and digital assets.

Pressure also intensified in crypto-linked equities. Strategy (MSTR) and its high-yield STRC preferred stock continued to slide, signaling stress across digital asset treasury structures. MSTR fell another 7.3% to a roughly 2.5-year low near $96, down more than 75% year over year, while STRC dropped 6.35% to a record low below $82.

Sentiment around STRC has weakened further as its decline contrasts sharply with its original positioning as a relatively stable, income-style product.

Separately, political headlines briefly intersected with markets after a scheduled U.S. housing bill signing was canceled. The legislation reportedly included a provision that would have blocked the Federal Reserve from issuing a central bank digital currency through 2030.

In crypto credit markets, additional weakness emerged as preferred securities tied to digital asset exposure traded lower. STRC and Strive’s SATA both remained below par value while Bitcoin hovered under $61,000.

Equities, however, saw a modest recovery. The “Magnificent Seven” tech stocks advanced, helping lift the S&P 500 and Nasdaq 100 by nearly 1%, even as crypto sentiment stayed fragile ahead of key Micron earnings.

On the institutional front, Morgan Stanley expanded its digital asset strategy team with the hiring of former Anchorage Digital executive Joseph Medioli, signaling continued Wall Street interest in blockchain infrastructure.

Macro data added further pressure. Weak U.S. housing figures pushed Treasury yields lower, with the 10-year slipping to 4.41%. Gold fell below $4,000 per ounce and oil eased toward $70, reinforcing a broader risk-off tone across markets.

Bitcoin briefly dipped to around $61,100 before stabilizing near $61,000, as traders continued to navigate thin liquidity and uneven macro signals.