Bitcoin’s week-long decline persisted on Friday, pushing its price below the $60,000 mark for the first time since October 2024. This downturn has triggered a broader sell-off across the cryptocurrency market, influenced by actions from billionaire Michael Saylor.
Key Developments
The price of Bitcoin reached a low of $59,840 midday Friday before experiencing a partial recovery, climbing back above $61,000 shortly after 1:15 p.m. EST.
Over the past week, Bitcoin has depreciated by 18%. Other major cryptocurrencies have also seen significant drops: Ethereum is down 21%, BNB by 10.5%, XRP by 16.8%, Solana by 21.5%, Tron by 6.5%, and Dogecoin by 17.9%.
This marks the lowest valuation for the leading cryptocurrency since October 10, 2024. Following that date, the market experienced a rally, reportedly boosted by then-presidential nominee Donald Trump’s campaign, propelling Bitcoin to a then-record high of $100,000 by early December 2024.
The latest market correction was preceded by an announcement from MicroStrategy, the largest institutional holder of Bitcoin. The company revealed plans to sell 32 Bitcoin, aiming to raise approximately $2.5 million. This marks the second such sale and the first since December 2022.
Notable Information
Bitcoin’s current price is more than 50% below its all-time peak of $126,186, which was set in October 2025.
Significant Metric
The global cryptocurrency market has shed approximately $600 billion in aggregate value since May 10. It has fallen from a high of $2.7 trillion to $2.1 trillion as of Friday, according to CoinMarketCap. Bitcoin holds a dominant position, representing roughly 58% of the total market capitalization.
Related Trend
Cardano’s ADA token, once the third-largest cryptocurrency by market value, has fallen to a six-year low. This decline occurred after the Cardano Foundation, a Swiss non-profit responsible for promoting the Cardano blockchain, canceled its annual summit following a failed community vote.
Contextual Background
Bitcoin experienced a record surge over the past year, partly attributed to a pro-cryptocurrency stance from Donald Trump, who expressed a vision for the U.S. to become a global leader in digital assets. Despite a dip to just over $75,000 post-inauguration in April 2025, anticipation of supportive legislation drove Bitcoin above $120,000 by July 2025, briefly exceeding $122,000. This upward trend coincided with significant crypto investments by various entities, including Trump Media and Technology Group, which announced plans to raise about $2.5 billion for a corporate Bitcoin reserve. Since reaching its October 2025 peak, Bitcoin’s value has declined due to reduced demand for spot Bitcoin ETFs and diminished expectations for future interest rate cuts.
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Business Style Takeaway: The recent volatility in Bitcoin, exacerbated by institutional selling and regulatory shifts, highlights the inherent risks and speculative nature of the cryptocurrency market. Investors and businesses should approach digital assets with caution, conducting thorough due diligence and considering diversification strategies amidst ongoing market fluctuations.
Based on materials from : www.forbes.com