Bitcoin drops below $60,000 as PCE inflation gauge hits highest level since 2023

Bitcoin fell below the closely-watched $60,000 on Thursday, remaining close to its lowest levels this year after the Federal Reserve's preferred inflation gauge climbed to its highest level since 2023

The fell about 3% to as low as $59,297.0 by 10:09 ET (14:09 GMT), remaining close to a 1-½ year low hit earlier in June.

Crypto markets remained under pressure from growing expectations that the U.S. Federal Reserve will either keep interest rates high for longer, or even raise them further this year.