Bitcoin extended its sharp decline on Friday, falling below the $60,000 mark and reaching its lowest level since October 2024. According to CNBC, the world's largest cryptocurrency briefly dropped to $59,764 before recovering slightly to trade around $60,450.
The selloff leaves Bitcoin down about 17% for the week and more than 50% below its record high of roughly $126,000 reached in October 2025. Crypto-linked stocks also came under pressure, with Coinbase, Circle and Strategy posting steep losses.
According to the report, investor sentiment weakened after Strategy, founded by Michael Saylor, sold a portion of its Bitcoin holdings. A stronger-than-expected U.S. jobs report also pushed bond yields higher, adding pressure on risk assets.
Market analysts told CNBC that investor attention is increasingly shifting toward AI-related stocks and major upcoming IPOs. The report also noted uncertainty surrounding crypto legislation and geopolitical tensions as additional headwinds for digital assets.
Despite the downturn, some investors argued the correction could present a long-term buying opportunity, citing Bitcoin's historical rebounds from similar levels.
Related Tweet:
Bitcoin fell below $60,000 for the first time since October 2024, extending its reversal from market darling after the re-election of Donald Trump to a casualty of a rapidly changing speculative landscape. https://t.co/EGIfTatD77
— Bloomberg (@business) June 5, 2026
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