Bitcoin dropped on Wednesday to its lowest level since October 2024 amid a pullback in tech stocks, as the crypto bear market drags on.

The price of bitcoin slid more than 4% to $59,548.19. Earlier, it hit a low of $59,023.98, its lowest level since Oct. 10, 2024.

This is the third time this year that bitcoin has traded below $60,000.

The flagship cryptocurrency, in roughly its eighth month of a bear market, is being squeezed from both macroeconomic and industry-specific headwinds. Capital has been rotating into AI stocks, hot IPOs and prediction markets. Meanwhile, inflationary pressures stemming from the Iran war have kept the Federal Reserve focused on combating inflation, creating a challenging…