Bitcoin Breaks Below $60,000 on Friday, Erasing Post-Trump Election Gains

On Friday (June 5), Bitcoin broke below $60,000 for the first time since October 2024, erasing most gains accumulated following Trump's election victory. The selloff reflects deteriorating market sentiment across crypto assets, with XRP, Solana, and Dogecoin also declining sharply.

Spot Bitcoin ETFs experienced significant outflows, with BlackRock's iShares Bitcoin Trust (IBIT-US) seeing net withdrawals exceeding $3.1 billion from May 18 to June 3. Coinbase stock dropped 9% on Friday, down over 20% in five days, while over six trading days Bitcoin fell 18% and has declined more than 30% year-to-date. Analysts attributed the decline to falling chip stocks, rising U.S. Treasury yields amid strong employment data, and rotating capital toward upcoming IPOs including SpaceX.