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Bitcoin Hits Lowest Level Since Oct. 2024 as Bear Market Grinds Into 8th Month
Bitcoin (BTC) dropped to $59,023.98 on Wednesday, June 24, its lowest price since Oct. 10, 2024, as a pullback in tech stocks and persistent spot ETF outflows pushed the flagship cryptocurrency deeper into its eighth consecutive month of decline.
The move marks the third time this year BTC has traded below $60,000, and extends a drawdown of roughly 52% from the October 2025 all-time high of $126,080.
Bitcoin Giant Strategy Shares Dive Under $100 for First Time Since March 2024
MSTR shares fell 9% on Wednesday, their lowest price in more than two years, as concerns over the $52 billion Bitcoin accumulator grow.
US Could 'Erase' Its $39 Trillion Debt By Holding More Than 5% Of World's Bitcoin, Says Senator Cynthia Lummis
Sen. Cynthia Lummis (R-Wyo.) said in a Wednesday podcast that the U.S. acquiring more than 5% of Bitcoin’s (CRYPTO: BTC) supply as a strategic reserve could “erase” the country’s ballooning national debt.
In a conversation with Bitcoin Magazine host Spencer Nichols, Lummis stated that acquiring just 5% of Bitcoin’s total supply— roughly 1 million BTC—and holding it for 20 years could reduce the national debt, currently over $39 trillion, by one-third to one-half.
“And if we held even more than 5% of the world’s Bitcoin, it could actually erase our debt. So this is an important asset in a buy-and-hold strategy,” the cryptocurrency-friendly lawmaker added.
Bitcoin & Ethereum Spot ETF Flow
U.S. Bitcoin spot ETFs recorded a net outflow of $229.79 million on Wednesday. The total net asset value of Bitcoin spot ETFs stands at $76.08 billion, with the ETF net asset ratio (market value relative to total Bitcoin market capitalization) at 2.36%.
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