Bitcoin Plummets to October 2024 Lows Amid Sell-Off and Market Divergence Bitcoin extended its losses on Friday, dropping to levels not seen since October 2024, marking a significant decline for crypto investors. The cryptocurrency fell to $59,099.25, its lowest point since October 2024, and closed at $61,514.90, down 3.4% for the day. The weekly loss totaled 16%, reflecting a sharp correction after a series of market-moving events. The downturn began following Strategy, a company founded by Michael Saylor, which sold a portion of its bitcoin holdings. This action triggered widespread selling and led to hundreds of millions of dollars in liquidations, intensifying downward pressure. The decline accelerated further after a stronger-than-expected May jobs report pushed Treasury yields higher, which in turn pressured risk assets like cryptocurrencies. Strategy’s shares ended the day down 6.9%, with the broader bitcoin market declining 24% for the week. This marked the worst weekly performance since November 2022. At the $60,000 level, bitcoin is now down more than half from its all-time high of approximately $126,000, reached in October 2025. Analysts attributed the weekly decline to a combination of factors. Charles-Henry Monchau, chief investment officer at Syz Group, highlighted the impact of Strategy’s selling and the crowding-out effect of speculative money chasing other assets. He noted that investors are heavily allocating funds to AI stocks and memory chips, particularly in South Korea, while anticipating that upcoming major IPOs will divert retail capital into new equities. The absence of a key regulatory catalyst further weighed on bitcoin’s performance. The Clarity Act, a proposed crypto market structure bill aimed at improving investor protections, is now seen as increasingly out of reach.#bitcoin #strategy #michael_saylor #clarity_act #zcash
