LIVE: Bitcoin crashes to $59,000 as crypto wipes out $2.4 trillion in total market cap

Bitcoin fell below $60,000 on Wednesday, leaving the token down nearly 20% for the month as the wider crypto market kept bleeding value. Crypto’s total market cap has now dropped from its $4.3 trillion record on October 6, 2025, to about $2.0 trillion today, a 54% wipeout in 261 days.

That means the market has lost an average of about $8.8 billion per day for more than eight straight months. The selloff has also put fresh pressure on Strategy (MSTR), whose shares fell to their lowest level in more than two years as Bitcoin hit a two-week low and worries grew around the company’s $52 billion Bitcoin pile.

MSTR dropped as low as $97.30 about 30 minutes after the opening bell, then traded around $98.05, down nearly 5.5% on the day, based on Yahoo Finance data. The stock is now down about 20% over the past week and more than 38% over the past month.

The pressure was not limited to crypto. The S&P 500 slipped 0.3%, while the Nasdaq Composite fell 0.4%. The Dow Jones Industrial Average moved higher by 126 points, or 0.3%, even as oil prices and Micron Technology shares weakened.

Brent crude fell 3% to around $74 per barrel, its lowest level since before the U.S. and Israel first launched airstrikes against Iran at the end of February. West Texas Intermediate also slid 3% to around $70, after earlier touching its lowest level since early March.

Investors are currently anticipating earnings from Micron after the closing bell today. According to analysts at FactSet, the semiconductor company is expected to post earnings of $20.83 per share on revenues of $35.75 billion.

Wednesday came after Tuesday’s tech crash, when the semiconductor stocks faced massive sell-offs and the VanEck Semiconductor ETF (SMH) declined 7%.