Bitcoin just got destroyed. Again.
The cryptocurrency fell 11% Thursday, tumbling below $67,000. That’s a brutal milestone—Bitcoin is now worth LESS than it was before Trump’s election. From record highs near $126,000 in October to below $67,000 today. Nearly half the value gone. Poof.
What happened? The crypto market lost $500 billion in a week. Bitcoin briefly touched $72,877, its lowest since November 2024. The bleeding won’t stop.
Investors are fleeing speculative assets. Gold, silver, crypto—all getting sold. The crypto-friendly White House hasn’t helped. Despite Trump’s support for crypto companies, legislation is stalled. The stablecoin bill? Going nowhere in Congress.
Michael Burry of The Big Short fame is warning this could get ugly. He’s talking about cascading financial stress across leveraged portfolios. If Bitcoin drops to $60,000, companies like Strategy could see massive losses. They bought at $76,000 average. Ouch.
The damage is everywhere:
– Coinbase: down 9.1%
– Robinhood: down 8.1%
– Strategy: down 13%
– Bitcoin miners: getting crushed
ETF investors pulled $5.7 billion from November through January. That’s a lot of money running for the exits.
Trump-related crypto ventures are also bleeding. World Liberty Financial? Down significantly. Even Eric and Donald Trump Jr.’s American Bitcoin is off more than 80% from its October high.
The ‘digital gold’ narrative is crumbling. Despite all the institutional adoption hype, when sentiment turns, it turns hard.
Cautious investors see buying opportunities. Speculators see another rug pull. And Bitcoin’s most loyal holders? HODLing through another winter.