The largest cryptocurrency, Bitcoin, fell below $60,000 on Friday (local time), reporting its lowest level since October 2024, just before US President Donald Trump’s election, which pushed it to a record high.
The currency fell by about 6 per cent around 1615 GMT, to $59.7709, before paring its losses slightly.
The election of Trump, a staunch advocate of cryptocurrencies, to the White House in November 2024 for a second term sparked a wave of enthusiasm in the sector, sending the price of the cryptocurrency soaring to nearly $110,000.
This is a developing story. More details awaited.
