Bitcoin cracks $60,000, sinking to lowest level since October 2024 Bitcoin has dropped to its lowest level since October 2024, experiencing a significant weekly decline. This downturn was influenced by institutional selling, a shift in investor interest towards AI stocks, and concerns about legislative progress on crypto bills. While some see this as a buying opportunity, the cryptocurrency’s correlation with traditional markets has also weakened.

• Bitcoin fell to its lowest point since October 2024, down 16% for the week.
• Strategy’s sale of bitcoin holdings impacted sentiment and triggered liquidations.
• A strong May jobs report increased Treasury yields, pressuring risk assets.
• Investor focus has shifted towards AI stocks and upcoming IPOs.
• The Clarity Act, a key crypto bill, faces legislative hurdles.
• Bitcoin’s correlation with Nasdaq and S&P 500 has collapsed.
• Bitcoin ETFs experienced a net inflow of $3 million after a streak of outflows.
• Some analysts view the current price as a ‘buy the dip’ opportunity.
• Privacy coin Zcash tumbled due to a newly exposed security vulnerability.