Bitcoin drops below $60,000 for first time since 2024

The price of Bitcoin dropped below $60,000 (€52,050) today, its lowest level since October 2024, just before Donald Trump's election, which propelled it to a record high.

The cryptocurrency fell by about 6% percent around 5.15pm Irish time, to $59,771, before paring its losses slightly.

The election of US President Donald Trump, a staunch advocate of cryptocurrencies, to the White House for a second term in November 2024 sparked a wave of enthusiasm in the sector, sending the price of bitcoin soaring to nearly $110,000.

The current dip has ben caused by factors including one corporate selloff, according to Emma Bernuau, a consultant at Eurosagency.

A surprise sale by Strategy - one of bitcoin's most prominent corporate holders - rattled confidence. The firm revealed it had sold 32 BTC from its reserves, the first such disposal in several years.

"Although the amount was minimal, the symbolic significance is considerable," Bernuau said.

"The market had generally considered that Strategy had no intention of selling its bitcoin and would continue accumulating regardless of market conditions."

Bernuau said long-term investors could view the dip as a buying opportunity, and flagged several potential tailwinds including progress on US legislation to support the sector.