Bitcoin Falls Below $60,000 for First Time Since October 2024 Amid AI Shift

Bitcoin slumped below $60,000 on June 5, 2026, for the first time since October 2024, as ETF outflows, geopolitical tensions, and a speculative shift into artificial-intelligence stocks pressured the cryptocurrency. The largest digital asset fell as much as 6.2% to $59,632 in New York trading, less than half its $126,000 peak from October 2025. The decline accelerated after Michael Saylor’s Strategy Inc. disclosed a rare token sale, stoking doubts about the digital-asset treasury model that once fueled the bull market. Ether dropped 12.8% to its lowest since April 2025, while XRP, Solana, and Dogecoin each fell more than 5%. The downturn persists despite a friendly Trump administration delivering regulatory wins, as AI replaced crypto as the dominant speculative trend and expectations of sustained higher interest rates curb demand for non-yielding assets.