Bitcoin’s weeklong selloff deepened on Friday as the cryptocurrency dropped below the $60,000 mark for the first time since late 2024, marking a significant downturn that followed remarks from billionaire Michael Saylor. The decline underscores a broader bearish trend in the crypto market, where Bitcoin has slumped more than 50% from its peak.
On Friday, Bitcoin reached a low of $59,840 just after noon before recovering slightly to trade above $61,000 by 1:15 p.m. EST. This downturn represents an 18% decrease over the past week alone. Other cryptocurrencies faced similar declines, with Ethereum down 21%, BNB losing 10.5%, XRP falling 16.8%, and Solana experiencing a 21.5% drop. Notably, the meme cryptocurrency Dogecoin saw a decline of 17.9%.
The decline echoes a previous surge in Bitcoin’s valuation, which had seen the cryptocurrency rise to $100,000 by early December 2024, driven in part by Donald Trump’s campaign, which sparked enthusiasm for crypto assets. However, this latest bearish trend can be traced back to Saylor’s Strategy, the world’s largest institutional holder of Bitcoin. Recently, the organization announced the sale of 32 Bitcoins, aimed at raising approximately $2.5 million, marking its first sale since December 2022.
The current market conditions have wiped about $600 billion from the global crypto market’s total value since May 10, retreating from a high of $2.7 trillion to $2.1 trillion as of Friday. Bitcoin plays a dominant role in the market, representing approximately 58% of its total value.
In a related development, Cardano’s ADA token fell to a six-year low earlier this week after the Cardano Foundation announced the cancellation of its flagship summit due to an unsuccessful community vote. This decline adds to the market’s volatility and is indicative of broader concerns within the cryptocurrency ecosystem.
Despite previous surges, Bitcoin’s value has faced a downturn amid shifting market dynamics, including decreased interest in spot Bitcoin ETFs and diminishing expectations for future interest rate cuts. The cryptocurrency market continues to grapple with these challenges, causing uncertainty for investors and stakeholders alike.
