Bitcoin fell below $60,000 for the first time since October 2024, according to TheStreet. The decline, occurring on June 5, 2026, has erased all gains made since Donald Trump’s election victory in 2024 amidst wider weaknesses in crypto markets.
What happened
Bitcoin’s value dropped below $60,000, with a low reaching $59,750, marking a significant reduction in its price. The fall was attributed to various factors, including a recent sale of 32 Bitcoin by Strategy, which was its first sale since 2022. Additionally, there have been ongoing outflows from U.S. spot Bitcoin exchange-traded funds (ETFs), resulting in more than $4.3 billion in net outflows since mid-May, according to Farside Investors data.
Peter Schiff, a noted Bitcoin critic, expressed concerns about the drop, stating, “If today’s low is taken out, prepare for a Crypto Black Monday.” Schiff highlighted that the latest decline has triggered panic selling among investors, calling attention to the downturn in leveraged positions.
Why it matters
The plummeting price of Bitcoin raises significant concerns for investors in the cryptocurrency market. Many had expected a sustained recovery following an earlier rally but have now faced a sharp reversal. Schiff’s warnings, coupled with the declining demand for Bitcoin ETFs, underscore the uncertainty that looms over the digital asset market.
With Bitcoin’s drop effectively erasing all gains made post-Trump’s victory, the market’s volatility continues to pose risks for both seasoned and new investors. The question now is whether a recovery is attainable or if further declines are ahead.
Background
In November 2024, following Donald Trump’s election, Bitcoin began a substantial rally as investors anticipated a more crypto-friendly regulatory environment. That optimism propelled Bitcoin to achieve a record high above $126,000 in October 2025, fueled by increased market interest.
However, the bullish sentiment has started to unravel in recent months. The recent sale of Bitcoin by Strategy and the drop in ETF demand has raised alarms about the sustainability of the previous gains.
What’s next
Market observers will closely watch Bitcoin’s performance in light of Schiff’s warnings. Immediate attention will be on trading trends over the coming days, as any further declines could lead to increased panic among investors, potentially triggering additional sell-offs.
