Bitcoin fell below $65,000 on Thursday, marking its lowest price since President Donald Trump won the 2024 election.
The sudden drop in the world’s largest cryptocurrency comes despite Trump’s broad support for the crypto industry.
During his presidential campaign, Trump pitched himself as the “crypto president.” And after returning to the White House, he signed an executive order to promote crypto and other digital assets.
Despite the president’s goal to make the United States the “crypto capital of the world,” Bitcoin is currently going through its lowest point in over 15 months.
One day after the 2024 election, bitcoin traded around $69,000. Fast forward to Thursday, and the price fell below that point and rapidly continued its downward trend. By Thursday afternoon, bitcoin’s dollar value sat around $63,000.
Thursday’s sell-off, which is being described as a “crypto winter” by crypto money managers, stands in contrast to its highest peak in early October when bitcoin reached roughly $126,000.
The crash comes one day after Treasury Secretary Scott Bessent testified before the House Financial Services Committee. During the hearing, he said the Treasury Department has no authority to stabilize crypto markets. Bessent testified again on Thursday, this time before the Senate Banking, Housing and Urban Affairs Committee.
