The price of Bitcoin dropped below $60,000 (\u20ac52,050) today, its lowest level since October 2024, just before Donald Trump’s election, which propelled it to a record high.<\/p>\n
The cryptocurrency fell by about 6% percent around 5.15pm Irish time, to $59,771, before paring its losses slightly.<\/p>\n
The election of US President Donald Trump, a staunch advocate of cryptocurrencies, to the White House for a second term in November 2024 sparked a wave of enthusiasm in the sector, sending the price of bitcoin soaring to nearly $110,000.<\/p>\n
The current dip has ben caused by factors including one corporate selloff, according to Emma Bernuau, a consultant at Eurosagency.<\/p>\n
A surprise sale by Strategy – one of bitcoin’s most prominent corporate holders – rattled confidence. The firm revealed it had sold 32 BTC from its reserves, the first such disposal in several years.<\/p>\n
“Although the amount was minimal, the symbolic significance is considerable,” Bernuau said.<\/p>\n
“The market had generally considered that Strategy had no intention of selling its bitcoin and would continue accumulating regardless of market conditions.”<\/p>\n
Bernuau said long-term investors could view the dip as a buying opportunity, and flagged several potential tailwinds including progress on US legislation to support the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"The price of Bitcoin dropped below $60,000 (\u20ac52,050) today, its lowest level since October 2024, just before Donald…\n","protected":false},"author":2,"featured_media":485134,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-485133","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/485133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=485133"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/485133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/485134"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=485133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=485133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=485133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}