Bitcoin Plunges Below $67,000 to 15-Month Low, Erasing Post-Trump Election Gains
Bitcoin has tumbled to its lowest level in 15 months, dipping below $67,000 amid a relentless monthslong sell-off that has wiped out nearly half its value since peaking after President Donald Trump’s election victory.
The original cryptocurrency, often hailed as “digital gold,” fell another 11% on Thursday to $67,245 as of 10:30 a.m. EST, marking a fresh low not seen since late 2024. This plunge represents a staggering 46% decline from its all-time high of $126,210.50 reached on Oct. 6, according to data from crypto trading platform Coinbase.
Post-Election Hype Fades into Market Reality
Following Trump’s November 2024 election win, Bitcoin surged on optimism for a more crypto-friendly U.S. administration. Investors anticipated regulatory relief and pro-innovation policies, propelling the asset to record heights for much of the ensuing year. However, those gains have evaporated as broader market turbulence and forced deleveraging— the unwinding of highly leveraged bets—intensified the downturn.
“Bitcoin tumbled well below $70,000 as the unwinding of leveraged bets and broader market turbulence deepened a selloff that’s hammered cryptocurrencies over the past three weeks,” Bloomberg Television reported, with analyst Mike McGlone warning of potential further drops to support levels around $64,000.
Ripple Effects Hit Crypto Ecosystem
The carnage extends beyond Bitcoin itself, battering related stocks and companies. Coinbase Global shares dropped 9.1%, while online trading platform Robinhood Markets fell 8.1%. Bitcoin mining firm Riot Platforms shed 10%.
Strategy, the largest “crypto treasury” company that pivoted almost entirely to Bitcoin holdings, saw its stock tumble 13%. The firm, previously known as MicroStrategy, holds 713,502 Bitcoin acquired at an average price above $76,000. At Thursday’s prices, those holdings are valued at roughly $47.8 billion—well underwater compared to the reported $54.3 billion cost basis.
“We’re reverting all that. And the bottom line is look at it somewhat politically. I think the Trump administration might realize, yeah, if we run it hot, that means inflation.”
Even ventures tied to the Trump family felt the pain. American Bitcoin, in which Eric Trump and Donald Trump Jr. hold stakes, declined 6.6% and is now down over 80% since early October.
Analysts Eye Deeper Corrections
Market watchers point to persistent downside momentum as a key differentiator this time around. Bloomberg noted accelerated forced deleveraging pushing prices below $68,000, with no immediate floor in sight. McGlone suggested Bitcoin could bounce from $64,000 but cautioned the broader trend remains bearish, potentially exacerbated by macroeconomic shifts.
“The momentum it’s persistently to the downside for Bitcoin,” McGlone observed, linking the drop to reverting post-election excesses. He also touched on political angles, speculating that the administration might temper aggressive growth policies to avoid inflation, indirectly pressuring risk assets like crypto.
Broader Market Context
The sell-off coincides with turbulence in traditional markets. Silver, another commodity often compared to Bitcoin for its volatility, also erased recent gains amid a historic rout. McGlone highlighted silver’s tendency to trade at about two times gold’s volatility, underscoring interconnected pressures across asset classes.
| Company | Daily Drop | Notes |
|---|---|---|
| Coinbase Global | 9.1% | Crypto exchange giant |
| Robinhood Markets | 8.1% | Trading platform |
| Riot Platforms | 10% | Bitcoin mining |
| Strategy (ex-MicroStrategy) | 13% | Holds 713,502 BTC |
| American Bitcoin | 6.6% | Trump family stake |
What Lies Ahead?
As Bitcoin hovers below pre-Trump second-term levels—ironic given the initial post-election boom—traders are bracing for volatility. The asset’s slide from $126,000 to sub-$67,000 in mere months underscores the risks of leveraged speculation in crypto markets.
While some analysts predict a near-term rebound, the consensus leans toward caution. With holdings like Strategy’s now deeply impaired and family-linked ventures reeling, the sector’s resilience is under scrutiny. Investors await signals from Washington and macroeconomic data that could either stabilize or accelerate the freefall.
This story is developing as markets remain volatile. Bitcoin’s path forward will likely hinge on deleveraging completion, policy clarity, and global risk sentiment.