Bitcoin tumbled below $61,000, as the unwinding of leveraged bets and broader market turbulence deepened a selloff that has wiped out all of the gains since President Donald Trump’s election set off a speculative rush into cryptocurrencies.

The token sank as much as 4.8% to $60,033 in early Asia trade Friday, extending a sharp selloff to plunge to its lowest since October 2024. The rout has erased half of Bitcoin’s value since it reached a record four months ago and has spread to other tokens, related ETFs and companies like Strategy Inc. that hold vast sums of coins.