- Bitcoin dropped below $60,000 for the first time since October 2024, falling 6% to $59,770
- Bitcoin lost over half its value since peaking above $126,000 in October last year
- Investor pullback from Bitcoin ETFs and geopolitical tensions fueled the decline
Bitcoin fell below $60,000 for the first time since October 2024, extending its reversal from market darling after the reelection of US President Donald Trump to a casualty of a rapidly changing speculative landscape.
The largest cryptocurrency slumped as much as 6% to $59,770 on Friday in New York trading hours. Bitcoin has lost more than half its value since reaching a peak above $126,000 in October last year and is now worth less than it was when crypto-friendly Trump retook the White House.
The latest leg lower was fueled by a combination of investors pulling money from Bitcoin-tied exchange-traded funds, renewed geopolitical tensions and growing concerns about the durability of one of the market's most important sources of demand. Strategy Inc., the software company-turned-Bitcoin acquisition vehicle co-founded by Michael Saylor, has become a focal point for growing concerns about the durability of the digital-asset treasury model that helped fuel the last bull market.
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The broader backdrop is becoming less favorable as well. For much of the past decade, cryptocurrencies occupied a privileged place in the risk-taking economy. Today, money that once flowed almost automatically into crypto is being dispersed across a wider set of speculative assets, while artificial intelligence pulls focus as the new hot technological commodity.
“For the longest time, crypto was this hot investment that Silicon Valley and the institutions were all obsessed with — and AI displaced it,” Michael Antonelli, market strategist at Baird, said by phone. “It's as simple as that: AI displaced it as the hot investment trend.”
Other cryptocurrencies also slumped lower alongside Bitcoin. Ether fell as much as 12.8% on Friday to its lowest level since April 2025, while XRP, Solana and Dogecoin all fell more than 5%.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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