Bitcoin fell below $60,000 for the first time since Trump took office

The price of Bitcoin fell below the psychological threshold of $60,000 for the first time since October 2024. 

During trading in New York on June 5, the world’s largest cryptocurrency dropped by 7% in a single day, falling to $59,101. As a result, the asset has lost more than half of its value since reaching a historic peak of over $126,000 in October of last year, and is now worth less than it was when Donald Trump returned to the White House.

Financial analysts and crypto market experts attribute this massive sell-off to several key factors, including a significant outflow of capital from Bitcoin-linked spot exchange-traded funds (ETFs). Additional negative pressure is coming from heightened global geopolitical tensions and growing investor concerns about future global demand for digital assets. News of the sale of a portion of the reserved bitcoins by Michael Saylor’s MicroStrategy, which had previously been one of the most aggressive corporate buyers and holders of this crypto asset, also placed significant psychological pressure on the market.

Following the market leader, other major cryptocurrencies (altcoins) also saw their prices plummet. In particular, Ethereum, the second-largest cryptocurrency by market capitalization, fell by more than 10% in trading, while popular assets such as XRP, Solana, and Dogecoin collectively lost over 5% of their market value. Traders note that the current trend indicates a temporary cooling of interest among retail and institutional investors in risky digital assets amid general macroeconomic uncertainty.

This is reported by Bloomberg.

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