Bitcoin fell below the $60,000 threshold on Friday for the first time since October 2024, driven by waning appetite for cryptocurrency and broader market risk-off sentiment.

The digital currency slid by approximately 6% to hit $59,770.90, before slightly paring its losses later in the session.

Compared to its record high achieved last autumn, the cryptocurrency’s price has split in half.

The current decline is attributed to several factors, including a surprise sell-off by Strategy, one of the most prominent corporate holders of Bitcoin, which rattled investor confidence.