Bitcoin Suddenly Crashes Back Toward $60,000 After One Billionaire Bitcoin Buyer Reveals They\'ve Flipped on Bitcoin

The bitcoin price has struggled over the last month, dropping almost 15%, as fears of a "true correction" swirl.

The bitcoin price suddenly crashed back toward $60,000 per bitcoin after one billionaire bitcoin buyer revealed they've flipped on bitcoin.

The bitcoin price has struggled over the last month, dropping almost 15%, as fears of a "true correction" swirl.

Now, after one of the biggest bitcoin bulls has said the cryptocurrency could eventually replace the U.S. dollar, Federal Reserve chair Jerome Powell has warned of a "critical period" for the Fed, calling deficit levels "unsustainable."

Bitcoin, crypto and stock market traders have been closely watching the Fed for signs it will begin cutting interest rates in recent months, with analysts forced to dial back expectations of around seven cuts in 2024 to just one or two.

"Getting the balance on monetary policy right during this critical period, that’s really what I think about in the wee hours," Powell said in response to a question about his top worries, the AP reported.

The bitcoin price and crypto market has suffered a major crash over the last 24 hours, with the bitcoin price diving well under $60,000 and wiping $200 billion from the combined crypto market since July 1. Ethereum and the rest of the major market are down more steeply than bitcoin, with ethereum rival solana, the Telegram-linked toncoin and the meme-based dogecoin all down almost 10% since this time yesterday.

Last month, the Federal Reserve left interest rates unchanged and signaled it would make just one cut in 2024, with more to come in 2025. The Fed has come under pressure to cut interest rates after hiking them at a record-setting clip in the aftermath of huge Covid-era stimulus spending and money printing that sent inflation spiraling out of control.

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