EL7.AI
CryptoUpdated×4•Originally published 9 June 2026•Updated 10 June 2026•
1 min read

Bitcoin Plunges Below $60,000 in Worst Weekly Performance Since Late 2024

Gold Bitcoin coin breaking through large, cracked 3D metal numbers '60000' against an orange background with charts.

Key Facts

1Michael Saylor addressed concerns regarding the dilution of MicroStrategy (MSTR) shares following at-the-market stock sales used to fund Bitcoin purchases.

The cryptocurrency market experienced a severe sell-off as Bitcoin plunged below the critical $60,000 threshold, marking its worst weekly performance since late 2024. According to reports, the crash wiped out approximately $200 billion in total market capitalization within a few days of sharp declines. During this downward trend, Bitcoin's price tagged its 200-week moving average, a key technical level monitored by long-term investors.

This market rout intensifies the scrutiny on crypto-adjacent firms, particularly MicroStrategy, following Michael Saylor's recent defense of the company's equity-funded Bitcoin acquisition strategy. Per market data, peers such as Coinbase and Marathon Digital are also facing headwinds as the underlying asset's volatility impacts sector valuations. The rapid loss of market value challenges the narrative of institutional stability that had characterized the sector earlier in the year.

At close on 2026-06-08, MSTR stood at 127.2 USD, but the breach of the $60,000 Bitcoin support level is expected to weigh heavily on the stock's opening. Investors are now focused on whether Bitcoin can maintain its 200-week moving average, while also eyeing the US Initial Jobless Claims report on June 11, 2026, as a potential macro catalyst for broader risk appetite.