Bitcoin falls back under $60k, hitting its lowest level since October 2024
Bitcoin has dropped below $60,000, reaching its lowest price since October 2024. The decline extends recent losses for the cryptocurrency, which has struggled to maintain upward momentum amid broader market uncertainty.
Background
Bitcoin is the largest and best-known cryptocurrency, a digital asset that operates without a central bank or government backing. Its price is notoriously volatile and is often seen as a barometer for the broader crypto market. After a significant rally following Donald Trump's 2024 election victory (driven by expectations of pro-crypto regulation), Bitcoin crossed $100k. Its drop back below $60,000 in June 2026 marks a roughly 40% decline from those highs, wiping out nearly all post-election gains. This slide is driven by factors including tighter U.S. monetary policy (high interest rates reducing appetite for risk assets), a lingering slump in crypto trading volumes, and uncertainty over whether the promised regulatory overhaul will actually materialize. The $60k level is psychologically important to traders—falling below it can trigger stop-losses and accelerate selling.