CD20$1,635.13CD20 down 7.27 percent7.27% BTC$60,134.35BTC down 5.66 percent5.66% ETH$1,567.93ETH down 11.62 percent11.62% XRP$1.10XRP down 6.68 percent6.68% SOL$64.05SOL down 7.72 percent7.72%
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Bitcoin loses $60,000, falls to weakest price since October 2024
Several headwinds converged over bitcoin recently as its largest buyer turned seller, ETF investors headed for the exits, and rate-hike fears rose.
By Krisztian Sandor |Edited by Stephen Alpher
Updated Jun 5, 2026, 12:13 p.m. Published Jun 5, 2026, 11:02 a.m. 1 min read
Bitcoin falls to its weakest price since October 2024 (Unsplash+/Getty Images)
What to know:
- Bitcoin fell below $60,000 for the first time since October 2024.
- It's down nearly 20% just this week following news that the crypto's largest buyer (Strategy) turned seller.
- ETF outflows, the prospect of interest rate hikes and speculative money focused on the AI trade have added to the pressure on bitcoin.
Bitcoin BTC$62,300.09 tumbled below $60,000 on Friday, breaking the lows of the early February crypto crash and reaching its weakest level since October 2024.
The largest cryptocurrency is down nearly 20% in just the past week, and now has lost more than 52% since its October peak above $126,000.
'I will not vote for Clarity until we address ethics': Sen. Angela Alsobrooks
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Bitcoin (BTC) price on June 5 (CoinDesk)
Several headwinds have converged over bitcoin recently — the most important being its largest single buyer, Michael Saylor's Strategy, having turned seller. Additionally, spot bitcoin ETFs suffered persistent outflows as investors pulled capital from the sector, instead allocating it to the red-hot artificial intelligence trade and related stocks.
Stubbornly elevated inflation and a hot labor market report Friday also prompted investors to rethink the path of U.S. monetary policy. Markets that earlier this year expected rate cuts have now fully priced in the Federal Reserve's next move as a rate hike.
With that, U.S. stocks have lost momentum after a powerful run to record highs, weighing on risk appetite across markets. The Nasdaq is lower by more than 2% Friday.
Crypto investors have also been grappling with renewed concerns about whether artificial intelligence and quantum computing could expose weaknesses of crypto protocols. Privacy-focused cryptocurrency Zcash (ZEC) plunged more than 40% overnight after a critical vulnerability was discovered with the help of Anthropic's latest Opus 4.8 AI model.
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Memecoins dogecoin, shiba inu dive 9% as bitcoin nears $60,000
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Dogecoin and Shiba Inu led losses among major tokens as heavy volume and liquidations overwhelmed support levels, extending a broader risk-off move across crypto markets.
What to know:
- Dogecoin and Shiba Inu each fell about 9 percent as bitcoin slid toward $60,000, with selling heaviest in the most speculative parts of the crypto market.
- Both tokens broke key support levels and saw their largest trading volumes on breakdowns rather than rebounds, signaling that sellers remain firmly in control.
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