Bitcoin extended its losses on Friday, dropping to October 2024 lows to cap an already bruising week for crypto investors.

The flagship cryptocurrency was last lower by 3.4% at $61,514.90. Earlier, it fell to $59,099.25, its lowest level since October 2024. It was off 16% on the week.

The declines began after Strategy, founded by Michael Saylor, sold a small amount of its bitcoin holding. This weighed on sentiment and forced hundreds of millions of dollars in liquidations that accelerated the downside pressure. Losses were exacerbated after a stronger-than-expected May jobs report Friday sent Treasury yields higher and pressured risk assets.

Strategy gave back earlier losses but still ended the day…