Bitcoin drops below $62,000 as $1.5 billion in crypto longs get wiped out

Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin drops below $62,000 as $1.5 billion in crypto longs get wiped out Presto Research says bitcoin s drawdowns this year have coincided with rallies in AI stocks and gold as markets scale back expectations for Fed rate cuts. By Sam Reynolds Jun 4, 2026, 2:13 a.m. 1 min read Make preferred on What to know : Bitcoin fell below $62,000 in Hong Kong trading, sparking more than $1.5 billion in leveraged crypto liquidations over 24 hours, including over $800 million in bitcoin and $386 million in ether positions. The sell-off came amid persistent institutional weakness, with U.S. spot bitcoin ETFs seeing about $1 billion in net outflows this week, extending a record streak of withdrawals. Analysts at Presto Research say bitcoin’s slump reflects competition from gold and artificial-intelligence stocks as investors reassess Federal Reserve rate-cut prospects, suggesting a rebound may hinge on easing inflation worries and renewed demand for liquidity-sensitive assets. Bitcoin plunged below $62,000 Thursday morning Hong Kong time , triggering more than $1.5 billion in leveraged crypto liquidations over the past 24 hours as a wave of forced selling accelerated the market s steepest decline in months.