Bitcoin Falls Below $60,000 as Market Sentiment Wavers

Islamabad: (Web Desk) – Bitcoin dropped below the $60,000 mark on Friday, hitting its lowest level since October 2024, shortly before the election of U.S. President Donald Trump, whose pro-cryptocurrency stance had previously fueled a historic rally in digital assets.

The world’s largest cryptocurrency fell nearly 6 percent to $59,770.90 around 1615 GMT before recovering some of its losses later in the session.

Following Trump’s return to the White House in November 2024, investor optimism surrounding cryptocurrencies surged, helping Bitcoin climb to an all-time high of nearly $110,000.

Market analysts attributed the latest decline to a combination of factors, including an unexpected sale by Strategy, one of the largest corporate holders of Bitcoin.

The company disclosed that it had sold 32 BTC from its reserves, marking its first Bitcoin sale in several years. Although the volume was relatively small, the move had a significant psychological impact on investors.

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“While the amount sold was minimal, the symbolic significance is considerable,” said Emma Bernuau, a consultant at Eurosagency.

“The market had generally believed that Strategy would continue accumulating Bitcoin regardless of market conditions and had no intention of selling its holdings,” she added.

Despite the downturn, Bernuau noted that long-term investors may view the price correction as a potential buying opportunity. She also pointed to several positive developments that could support the cryptocurrency market in the coming months, including progress on U.S. legislation aimed at fostering the growth of the digital asset sector.