By Nate Wolf

A month ago, it looked like cryptocurrency prices may be stabilizing after their steep decline last fall. But if the last few weeks are any indication, that hope may have been misplaced.

Bitcoin has tumbled 2.1% to about $63,600 over the last 24 hours, continuing a brutal slide since hovering around $80,000 throughout the first half of May. The coin is now dangerously close to its 52-week low of $60,559.

Ethereum, the second-largest cryptocurrency by market capitalization, hasn't fared much better. Prices slipped over the last day to about $1,777. They are down roughly 25% from a month ago and just above Ethereum's 52-week low of $1,723.

Both coins have shed more than half of their value since hitting all-time highs in 2025 -- Ethereum set its record in August, then Bitcoin in October. The most recent slide demonstrates how difficult it will be to get back to those levels without a flurry of positive headlines to bring back buyers.

"Bitcoin is now re-testing its February lows for the third time. This is a technical pattern that tends to erode buyer confidence while emboldening sellers," Diana Pires, chief business officer at crypto platform sFOX, said in emailed comments. "Each revisit weakens the floor unless a clear catalyst steps in."

Unfortunately for crypto holders, June started out with a downward catalyst. Strategy, the Bitcoin-accumulation company, announced Monday its first Bitcoin sale since 2022. The move reversed Executive Chairman Michael Saylor's "never sell" stance.

Thomas Perfumo, chief economist at crypto platform Kraken, described Strategy last month as the "single most influential entity in the market."

That sale has been followed in the last couple of days by a pullback in tech stocks. Bitcoin had previously been riding gains in the tech sector.

Crypto-tied stocks were mostly higher Thursday. Strategy rose 1.7% in premarket trading, and trading platforms Coinbase Global and Robinhood Markets rose 1.2% and 0.3%, respectively.

Write to Nate Wolf at nate.wolf@barrons.com

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June 04, 2026 08:49 ET (12:49 GMT)

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