Topline<\/p>\n
A weeklong selloff for bitcoin extended on Friday as the cryptocurrency fell below the $60,000 threshold for the first time since late 2024, after billionaire Michael Saylor sparked a broader decline for the crypto market.<\/p>\n
The world\u2019s largest cryptocurrency is now down more than half from its all-time high.<\/p>\n
AFP via Getty ImagesKey Facts<\/p>\n
The price of bitcoin fell to a low of $59,840 just after noon on Friday, though the cryptocurrency subsequently recovered losses to rise above $61,000 shortly after 1:15 p.m. EST.<\/p>\n
Bitcoin has plunged by 18% over the last week, with further losses from ethereum (down 21%), BNB (10.5%), XRP (16.8%), Solana (21.5%), Tron (6.5%) and the meme token Dogecoin (17.9%).<\/p>\n
That\u2019s the lowest level for the world\u2019s largest cryptocurrency since Oct. 10, 2024, after which then-presidential nominee Donald Trump\u2019s campaign fueled a rally across the market, with the price of bitcoin hitting $100,000 for the first time<\/a> by early December 2024.<\/p>\n The latest selloff for bitcoin followed an announcement from Saylor\u2019s Strategy, the world\u2019s largest institutional holder of the cryptocurrency, that it would sell 32 bitcoins to raise about $2.5 million in its second such sale and its first since December 2022.<\/p>\n surprising fact<\/p>\n The price of bitcoin is now down more than half from its all-time high of $126,186 set in October 2025.<\/p>\n big number<\/p>\n About $600 billion. That\u2019s how much has been erased from the global crypto market\u2019s aggregate market value since May 10, dropping from a high of $2.7 trillion to $2.1 trillion as of Friday, according to CoinMarketCap<\/a>. Bitcoin dominates the global crypto market, accounting for roughly 58% of its market value.<\/p>\n tangent<\/p>\n Cardano\u2019s ADA token, once valued as the world\u2019s third-largest cryptocurrency behind bitcoin and ethereum, fell to a six-year low<\/a> on Wednesday. The token\u2019s latest sell-off followed the cancellation of the Cardano Foundation, a Swiss nonprofit that oversees and promotes development of the Cardano blockchain, which announced it would cancel its flagship summit following a failed community vote.<\/p>\n key background<\/p>\n A record-setting surge for bitcoin over the last year followed a pro-crypto push from Trump, who said he wanted the U.S. to become the \u201ccrypto capital of the world.\u201d The cryptocurrency fell to a post-inauguration low of just over $75,000 by April 2025, but promises of pro-crypto legislation pushed bitcoin above $120,000 by July, rising above $122,000 just days later. That surge came amid major crypto investments by some firms, including Trump Media and Technology Group, which announced it would raise some $2.5 billion to establish a corporate bitcoin reserve. Since hitting a peak in October 2025, bitcoin\u2019s value has deteriorated following waning demand for spot bitcoin ETFs and lower odds of future interest rate cuts.<\/p>\n further readingForbesCardano\u2014Once The Third-Largest Cryptocurrency\u2014Hits 6-Year Low: Here\u2019s WhyBy Ty Roush<\/a>ForbesBitcoin Falls Below $70,000 For The First Time Since AprilBy Siladitya Ray<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Topline A weeklong selloff for bitcoin extended on Friday as the cryptocurrency fell below the $60,000 threshold for…\n","protected":false},"author":2,"featured_media":687905,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[5748,931,298751,10565,28,12,186125,8620,3479],"class_list":["post-687904","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-5748","tag-bitcoin","tag-bitcoin-60","tag-bitcoin-price","tag-business","tag-donald-trump","tag-michael-saylor","tag-strategy","tag-trump"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/687904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=687904"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/687904\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/687905"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=687904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=687904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=687904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}