Some thought that Bitcoin’s nosedive couldn’t get any worse. They were wrong. 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 stock price of Strategy, a company whose raison d’être is to buy and hold Bitcoin, is also down 54% during that time. Meanwhile, the shares of stablecoin giant Circle, which traded as high as $263 following its IPO last June, are now trading at $52.
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, and Bitcoin has only kept tumbling from there.
