Strong pressure hit Bitcoin, which completed Friday’s session (5/6/2026) below the $60,000 threshold. The world’s leading cryptocurrency declined to $59,764.90, recording its largest weekly loss in recent months and the lowest price level since October 2024. Bitcoin ultimately closed down more than 5% at $62,500. Weekly losses exceeded 17%.
Bitcoin: “Earthquake” in the market and fall of the powerful cryptocurrency
Strategy, Bitcoin’s largest supporter, sold part of its massive cryptocurrency holdings, causing an “earthquake” in the market and the fall of the powerful cryptocurrency. The sale came after Strategy, Michael Saylor’s company, announced it sold 2.5 million Bitcoin for the first time in 4 years. The company stated it executed the sale to pay coupons to preferred shareholders, part of a financing model that has raised questions about its sustainability.
Publicly traded Strategy is the largest corporate bitcoin holder and has supported a holding (hodl) approach that appeals to retail investors. Before last week’s sale, it had purchased 843,738 bitcoin across 110 transactions for nearly $64 billion, according to Bloomberg.
The strategy shift suggests more losses are coming for bitcoin holders, said Peter Schiff, a financial analyst in the cryptocurrency market. The market decline didn’t come from last week’s transaction but from the idea that this transaction might be the first of many much larger ones.
Investors in the tech stock rally
Bitcoin and other cryptocurrencies have faced additional pressure as retail investors have turned their attention to the tech stock rally triggered by the artificial intelligence boom. Bitcoin declined to a 17-month low, just above $60,000 in early February.
When Donald Trump promised in November 2024 to make America the “cryptocurrency capital of the world,” the price increased nearly 90% to a high above $126,000 per token last October before the decline began.
