Why Is the Crypto Market Down Today? Bitcoin Price Crashes to Low 60s

Bitcoin price fell below $63,000 today, June 23. The drop was quick and violent.

Over $150 million in longs were liquidated from the crypto market in the past 15 minutes and over $530 million in the past 24 hours. Ethereum also got hit, falling below $1,700 for the first time since June 15. Altcoins are bleeding across the board. XRP, Solana, Cardano – all in the red.

Let us understand why the crypto market is down today.

• Reason 1: Global Equity Markets Are Crashing

• Reason 2: South Korea’s KOSPI Crashes 10%

• Reason 3: ETF Outflows Continue

• Reason 4: Peter Schiff Takes a Shot at Saylor

• Bitcoin Chart Analysis: The 200-Day MA Is the Line

  • Key observations:

• Bitcoin Price Outlook

• FAQs

Reason 1: Global Equity Markets Are Crashing

Bitcoin fell alongside a sharp drop in U.S. and Asian equity markets, particularly in AI and semiconductor stocks. The Nasdaq 100 futures dropped 1.3%, and South Korea’s Kospi plunged over 6% on June 23.

That triggered a flight from correlated risk assets like crypto. This shift highlights Bitcoin’s current sensitivity to traditional market sentiment over crypto-specific catalysts.

What it means: Bitcoin is trading more like a tech-risk asset than a decoupled store of value in the short term.

Watch for: U.S. jobs data on July 2 and CPI on July 14, which could influence Fed policy and broader risk appetite.

Reason 2: South Korea’s KOSPI Crashes 10%

South Korea’s KOSPI stock market crashed 10% today. That is a massive single-day decline that sent shockwaves through global risk markets.

Crypto, being one of the most volatile risk assets, got caught in the crossfire. When Asian markets panic, crypto sells off. That is the pattern.

Reason 3: ETF Outflows Continue

U.S. spot Bitcoin ETFs had six consecutive weeks of net outflows, totaling $227 million last week. That signals continued institutional risk reduction.

Institutions are not buying the dip. They are selling into it. That removes a major source of demand that had supported Bitcoin through the first half of 2025.

Reason 4: Peter Schiff Takes a Shot at Saylor

Peter Schiff tweeted about JPMorgan’s infamous $6.2 billion “London Whale” loss. Then he connected it to MicroStrategy.

Schiff wrote:
“The London Whale cost JPMorgan 6.2B, one of the biggest losing trades ever recorded. MSTR is already sitting on a $10B paper loss on its Bitcoin trade. But by the time it’s closed out, @Saylor will shatter the record and book the biggest losing trade in history.”

Whether Schiff’s prediction comes true or not, the tweet adds to the bearish sentiment. Saylor’s paper loss is now a talking point among critics, which weighs on sentiment.

Bitcoin Chart Analysis: The 200-Day MA Is the Line

The attached TradingView chart shows Bitcoin/USD on the daily timeframe.

Source: TradingView

Key observations:

• Current Bitcoin price: $62,871 at the time of the chart. That is down heavily from the $70,000-$80,000 range earlier in the year.
• 200-day moving average: The blue line sits at $76,453. Bitcoin is trading $13,500 below its 200-day MA. That is one of the largest gaps in recent history.
• Price action: Bitcoin has been forming lower highs and lower lows since March. The trend is clearly down.
• Key support: $60,000 is the psychological level. Below that, $58,000 is the next support. The yearly low near $52,000-$55,000 is the final line.

The chart shows that Bitcoin is in a bear market by any definition. The 200-day MA is far above price. That has historically been a sign of extreme weakness.

Bitcoin Price Outlook

Short-term (next few days): Bitcoin is testing the $62,000-$63,000 zone. If that holds, a relief bounce toward $65,000 is possible. But the trend remains down.

Medium-term (next few weeks): The next major catalyst is U.S. jobs data on July 2 and CPI on July 14. If those prints come in hot, the Fed will stay hawkish, and Bitcoin could test $58,000 or lower.

Bearish scenario: A break below $60,000 opens the door to $58,000. Below that, $52,000-$55,000 is the next major support zone.

Bullish scenario: Bitcoin needs to reclaim $65,000 to show any short-term strength. A move above $70,000 would signal that the correction is over.

FAQs

 **Why did Bitcoin crash❓**

Bitcoin fell alongside a sharp drop in U.S. and Asian equities, particularly the KOSPI’s 10% crash. Over $150 million in longs were liquidated, accelerating the selloff.

 **Why is the crypto market down❓**

The crypto market is down today primarily due to a big 10% crash in South Korea’s KOSPI stock market, which triggered a broader flight from risk assets and liquidated over $150 million in leveraged longs. The selloff was amplified by six consecutive weeks of Bitcoin ETF outflows totaling $227 million.

 **Are ETFs selling Bitcoin❓**

Yes. U.S. spot Bitcoin ETFs have seen six consecutive weeks of net outflows, totaling $227 million last week. Institutions are reducing risk.

 ****What is Peter Schiff saying about MicroStrategy**❓**

Schiff said MicroStrategy’s $10B paper loss on Bitcoin could become the biggest losing trade in history, comparing it to JPMorgan’s $6.2B London Whale loss.