Bitcoin drops $60,000, falls to weakest price since October 2024
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Bitcoin BTC $ 62,300.09 tumbled below $60,000 on Friday, breaking the lows of the early February crypto crash and reaching its weakest level since October 2024.
Key facts
The largest cryptocurrency is down nearly 20% in the past week, and now has lost more than 52% since its October peak above $126,000
Bitcoin BTC $ 62,300.09 tumbled below $60,000 on Friday, breaking the lows of the early February crypto crash and reaching its weakest level since October 2024
Several headwinds have converged over bitcoin recently, the most important being its largest single buyer, Michael Saylor's Strategy, having turned seller
Stubbornly elevated inflation and a hot labor market report Friday also prompted investors to rethink the path of U.S. monetary policy
Summary
Bitcoin fell below $60,000 for the first time since October 2024. It's down nearly 20% this week following news that the crypto's largest buyer (Strategy) turned seller. ETF outflows, the prospect of interest rate hikes and speculative money focused on the AI trade have added to the pressure on bitcoin. The largest cryptocurrency is down nearly 20% in the past week, and now has lost more than 52% since its October peak above $126,000.