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Bitcoin dropped below $60,000 on Friday, marking the first time the cryptocurrency has touched this low since October 2024.
The token fell by approximately 6 per cent around 1615 GMT to hit $59,770.90 before paring its losses slightly.
This sharp decline unwinds a massive portion of the gains accumulated over the past year and a half.
The dramatic drop reverses the historic rally sparked by Donald Trump’s election to a second White House term in November 2024.
Trump’s victory, fuelled by his status as a staunch advocate of cryptocurrencies, initially triggered immense enthusiasm across the sector and drove Bitcoin prices to a record high of nearly $110,000.
Emma Bernuau, a consultant at Eurosagency, attributed the current price drop to a surprise corporate selloff that rattled investor confidence.
MicroStrategy—one of Bitcoin’s most prominent corporate holders—disposed of 32 BTC from its reserves, marking its first cryptocurrency sale in several years.
Bernuau noted that while the company sold a minimal amount, the move carried immense symbolic significance because the market generally assumed MicroStrategy would endlessly accumulate the asset regardless of broader market conditions.
Despite the immediate panic, Bernuau suggested that long-term investors might view this dip as an attractive buying opportunity.
She also pointed to several potential tailwinds that could soon boost the sector, including ongoing progress on favourable United States cryptocurrency legislation.
