Bitcoin slid over 6% to $59,770 Friday, dropping below $60,000 for the first time since October 2024 and erasing more than half its value from last year’s $126,000 peak. MicroStrategy’s Strategy Inc disclosed a rare Bitcoin sale this week, raising concerns about the digital-asset treasury model.
Bitcoin fell as much as 6% to $59,770 on Friday, marking its first dip below $60,000 since October 2024. The cryptocurrency has lost over 50% of its value from a peak above $126,000 last October, reflecting a sharp reversal in investor sentiment.
MicroStrategy’s holding company, Strategy Inc, executed a rare Bitcoin sale this week, prompting scrutiny of its digital-asset treasury strategy. This move has fueled concerns over the sustainability of large-scale Bitcoin acquisitions as a reserve asset.
The downturn extended across major altcoins, with Ether tumbling up to 12.8% to its lowest level since April 2025 and tokens like XRP, Solana and Dogecoin each sliding more than 5%. Investor withdrawals from Bitcoin-tied ETFs have accelerated the sector-wide selloff.
Allocations are migrating from cryptocurrencies toward other speculative assets and AI-focused stocks, which now dominate growth trade narratives. Retail flows into short-dated options and prediction markets further dilute demand for traditional digital assets like Bitcoin.
