Bitcoin fell below $60,400 on Friday afternoon reaching its lowest price since October 2024, and down over 50 percent from its all-time high of $126,000 in October 2025. The cryptocurrency is down 5 percent on the day and 17 percent on the week.

The most recent decline began Monday when Michael Saylor’s Strategy (formerly MicroStrategy) sold $2.2 million in Bitcoin, its first sale since 2022.

Friday’s jobs report came in stronger than expected, strengthening Wall Street’s prediction that the Federal Reserve will raise interest rates before the end of the year to combat inflation with a stable labor market. These higher rates drove up yields on Treasury debt and out of Bitcoin, a typically inflation-hedged asset.

Coinbase, one of the largest cryptocurrency exchanges in the country, faces a stock price decline nearing 20 percent for the week amidst a missed earnings report. Saylor’s Strategy faces a similar 15 percent decline for the week.