Bitcoin Falls Below $60,000 for First Time Since October 2024

Bitcoin fell below the $60,000 mark for the first time since October 2024, pressured by reduced market risk appetite and institutional selling. The cryptocurrency was trading at $59,770.90, down roughly 6 percent as of 16:15 GMT on Friday. The current price represents roughly half the record levels recorded last fall. Bitcoin had climbed toward $110,000 after crypto-backer Donald Trump won the U.S. presidential election in November 2024, before entering a new downward trend in recent weeks. Emma Bernou, an advisor at EuroAgency, said a key factor behind the decline was an unexpected sale by Strategy, one of the largest Bitcoin holders. The company sold 32 Bitcoin from its reserves, its first such sale in years, which dented investor confidence despite the relatively small volume. Bernou noted the symbolic significance of the move while suggesting long-term investors could view the pullback as a buying opportunity. She added that supportive legislative efforts in the United States remain a positive factor for the sector.