"The original cryptocurrency dipped to under $68,000, its lowest level since October 2024, just before President Donald Trump's election. That marks a 46% decline since Bitcoin's all-time high of $126,000 just four months ago, according to Binance. Major crypto companies are being dragged down with it. Coinbase, the largest cryptocurrency exchange in the U.S., has seen its stock decline by 50% in the last three months and is currently trading around $151."
"The plummeting of Bitcoin and these major stocks is the latest sign that cryptocurrencies are not living up to what was supposed to be a golden age under Trump's second administration. The president adopted a much more crypto-friendly stance than his predecessor. Following his election, the digital asset industry experienced a surge, which now feels more like a sugar rush. The recent decline began on a fateful day in October when traders lost $19 billion in their crypto positions."
"Crypto was supposed to be a safe haven asset during tough economic times. The tough times have come, but traders have invested elsewhere. Gold, for example, is up 43% in the past six months, as faith in the U.S. dollar weakens-though it too has incurred major setbacks in the last two weeks. Macroeconomic worries stem from stubborn inflation and a weakening job market, among other factors."
Bitcoin fell below $68,000, marking a 46% drop from a $126,000 peak four months earlier, and reached its lowest level since October 2024. Major crypto firms followed: Coinbase shares fell about 50% to near $151, Strategy plunged 54%, and Circle shares dropped from $263 to about $52. The post-election surge tied to a more crypto-friendly presidency has reversed after an October selloff that erased $19 billion in trader positions. Crypto failed to act as a safe haven as investors favored assets like gold, up 43% in six months, amid stubborn inflation, weakening jobs, and political and monetary uncertainty.
Read at Fortune
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