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

The price of Bitcoin has dropped below the $60,000 mark for the first time since October 2024. The largest cryptocurrency continues to lose value following the peak growth observed after the re-election of U.S. President Donald Trump. This is reported by Bloomberg, according to UNN.

Details

According to the publication, during trading in New York on Friday, Bitcoin fell by 7% to $59,101. It is noted that the cryptocurrency has lost more than half of its value from the record level of over $126,000 recorded last October. Currently, Bitcoin "is worth less than when crypto-supporter Trump reclaimed the White House."

Among the reasons for the decline, the publication cites the withdrawal of investor funds from Bitcoin-related exchange-traded funds, renewed geopolitical tensions, and concerns regarding the longevity of one of the market's most important sources of demand. 

At the same time, according to market strategist Michael Antonelli, cryptocurrencies have lost their status as the main investment trend due to the growing interest in artificial intelligence.

For a long time, cryptocurrency was the hot investment that Silicon Valley and all institutions were obsessed with, and artificial intelligence has displaced it, 

It's that simple: artificial intelligence has displaced it as the hot investment trend 

Recall

The value of Bitcoin fell to $73,294 amid the conflict between the U.S. and Iran. About $1.5 billion was withdrawn from American ETFs in May.