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Bitcoin ($BTC ) slid below $60,000 on Tuesday, putting the token on track for its worst monthly performance since June 2022.
The world's largest cryptocurrency has had a dismal first half of the year, shedding 33% year to date compared with the broader S&P 500's (^GSPC) 8% gain. It was set to end June down more than 19%.
Bitcoin has been in a sustained downward trend after tumbling from its all-time high in early October, with selling pressure and forced liquidations echoing patterns seen in prior cycle drawdowns.
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