Bitcoin’s (CRYPTO: $BTC) price has fallen below $60,000 U.S. and reached its lowest level in two years as the market for digital assets continues to decline.
In afternoon trading on June 5, Bitcoin’s price was down 6% and trading as low as $59,550 U.S., its lowest level since October 2024.
BTC has now declined 17% over the past week amid a relentless downturn in cryptocurrencies and related stocks.
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Shares of Coinbase Global (NASDAQ: $COIN), Circle Internet Group (NYSE: $CRCL) and Strategy (NASDAQ: $MSTR) were each down about 8% on June 5.
Strategy is down more than 25% over the past week after the serial crypto acquirer disclosed that it sold some of its Bitcoin holdings for the first time in four years.
Analysts note that, at $60,000 U.S., Bitcoin’s price is now less than half of what it was at its all-time high of $126,000 U.S. last October.
Exchange-traded funds (ETFs) that track the spot price of Bitcoin and other cryptocurrencies continue to be a big driver of the selloff.
Crypto ETFs have recorded a 13-day streak of outflows, losing more than $25 billion U.S. in what is their longest losing streak ever.
The accelerating decline in BTC comes on a day when investors are also rotating out of richly valued technology stocks tied to the artificial intelligence (A.I.) trade.
The Nasdaq (NASDAQ: $NDAQ) Composite index is down more than 1,000 points, or nearly 4%, on June 5.
Investors are dumping richly valued AI stocks such as AMD (NASDAQ: $AMD) and Dell Technologies (NASDAQ: $DELL) that have seen their share prices double and triple this year.
