Bitcoin drops below $60,000 for first time since October 2024

WASHINGTON — Bitcoin dropped below $60,000 on Friday, its lowest level since October 2024, just before Donald Trump's election, which propelled it to a record high.

The currency fell by about 6 percent around 1615 GMT, to $59.7709, before paring its losses slightly.

The election of 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.

The current dip has been caused by factors including one corporate selloff, according to Emma Bernuau, a consultant at Eurosagency.

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. "Although the amount was minimal, the symbolic — significance is considerable," Bernuau said. "The market had generally considered that Strategy had no intention of selling its bitcoin and would continue accumulating regardless of market conditions." Bernuau said long-term investors co