(June 6): Bitcoin fell as much as 5% on Friday as the original cryptocurrency faces an extended wave of selling pressure, approaching a low not seen since before US President Donald Trump won reelection.

By 11.20 am in New York, Bitcoin was trading at around US$60,800 (RM243,829), having recovered a bit from earlier lows. It was the sixth straight day of declines, making it Bitcoin’s longest losing streak since August. Smaller tokens were faring even worse, with Ether down more than 10%.

Crypto’s recent rout has been driven by several factors including Strategy Inc’s announcement on Monday that it had sold some bitcoin for the first time in years. Sustained outflows from bitcoin-focused exchange-traded funds have contributed to…