Bitcoin Falls Below $60,000 for First Time Since 2024 Tru…

Bitcoin has fallen below $60,000 for the first time since October 2024, marking a significant decline of over 50% from its peak of more than $126,000. The drop is attributed to a rapidly changing speculative landscape following the reelection of US President Donald Trump, contrasting its previous favor in the market.

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By Emily Nicolle and Suvashree Ghosh

June 5, 2026 at 12:15 PM EDT

Updated on June 5, 2026 at 12:27 PM EDT

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Bitcoin fell below $60,000 for the first time since October 2024, extending its reversal from market darling after the reelection of US President Donald Trump to a casualty of a rapidly changing speculative landscape.

The largest cryptocurrency slumped as much as 6% to $59,770 on Friday in New York trading hours. Bitcoin has lost more than half its value since reaching a peak above $126,000 in October last year and is now worth less than it was when crypto-friendly Trump retook the White House.

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Bitcoin Falls Below $60,000 for First Time Since 2024 Trump Win