‘Who in their right mind would rather buy crypto right now?’ Bitcoin prices plunge after market turmoil

Godwin Oluponmile

Mon, June 8, 2026 astatine 12:43 PM CDT 7 min read

Bitcoin conscionable suffered 1 of its sharpest selloffs successful months.

After spending overmuch of the past twelvemonth trading comfortably supra six figures and reaching a highest supra $126,000 successful October (1), the world’s largest cryptocurrency appeared to person settled into a play of comparative stability. That changed abruptly past week, erstwhile a question of risk-off sentiment and broader marketplace turmoil sent bitcoin tumbling beneath $60,000 (2) — its lowest level since October 2024.

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By the extremity of the week, bitcoin had mislaid astir 17% of its worth and was trading much than 50% beneath its all-time high.

While stocks tied to artificial quality and semiconductors person continued to soar, immoderate analysts judge speculative wealth that mightiness erstwhile person flowed into crypto is uncovering much charismatic opportunities elsewhere. As Wolfe Research expert Rob Ginsberg enactment it, “Who successful their close caput would alternatively bargain crypto close present erstwhile you could adjacent your eyes, bargain a semiconductor banal and [have] 2-3x your concern successful weeks (3)?”

The abrupt reversal has near investors grappling with a question that seemed astir unthinkable conscionable a fewer months ago: What is the bull lawsuit for bitcoin close now?

What triggered the Bitcoin driblet

The clang started erstwhile Strategy (formerly MicroStrategy), Michael Saylor’s institution and 1 of bitcoin’s astir vocal firm backers, disclosed that it had sold 32 BTC betwixt May 26 and May 31.

Bitcoin’s mean terms hovered astir $77,135, and was bringing successful astir $2.5 million. The proceeds weren’t for immoderate large strategical pivot either; they were utilized to assistance money dividend payments connected its high-yield perpetual preferred banal (4).

On paper, the merchantability is astir meaningless. Strategy inactive holds 843,700 BTC, worthy astir $61 billion, astatine the clip of disclosure. The 32 coins relationship for conscionable 0.0038% of its full position. But bitcoin doesn’t tally connected mathematics alone. What sustains Bitcoin mostly involves fundamentals and communicative that are beardown capable to spike FUD (fear, uncertainties and doubts) successful the minds of investors. And for years, the communicative was that Saylor ne'er sells. The infinitesimal helium did, the marketplace treated it similar a five-alarm fire.

Bitcoin fell 3.1% connected the news, and Strategy’s banal (MSTR) dropped much than 5.85% by June 1 (5) and went connected to suffer astir 28% implicit the week (6). About $1.6 cardinal successful leveraged positions were liquidated successful the cascade that followed (7).