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What is the story about?
The price of bitcoin continued its monthslong slide Thursday, falling another 11% to $67,000, its lowest level in 15 months.
The original cryptocurrency, pitched as “digital gold,” has lost 46% of its value since Oct. 6, when it hit a record high of $126,210.50, according to crypto trading platform Coinbase.
After the election of President Donald Trump in November of 2024, Bitcoin prices chugged higher for the better part of a year, in part due to investors’ expectations of a more crypto-friendly administration in Washington.
Companies that enable investors to buy and sell cryptocurrencies, as well as the growing number of companies who have made investing in bitcoin their main business focus, have also been hit hard in the recent sell-off.
Also Read: Crypto winter: How long it will last and the next downside bitcoin level to watch
Coinbase Global fell 9.1% and online trading platform Robinhood Markets lost 8.1%. Bitcoin mining company Riot Platforms dropped 10%.
Strategy, the biggest of the so-called crypto treasury companies that raises money just to buy bitcoin, tumbled 13%. The company, formerly called MicroStrategy, reports on its website holdings of 713,502 bitcoin. With the average purchase prices for those above $76,000, it means the company is under water on the investment. Thursday morning its bitcoin holdings were worth about $47.8 billion, less than the $54.3 billion Strategy says they cost.
American Bitcoin, in which Trump’s sons Eric Trump and Donald Trump Jr. hold a stake, fell 6.6% and is now down more than 80% since Oct. 7.
Other Trump-related crypto ventures have declined as well. The market value for the World Liberty Financial token, or $WLFI, has fallen to about $3.25 billion from above $6 billion in mid-September, according to coinmarketcap.com. And the price of a meme coin named for President Donald Trump, $TRUMP, is $3.93, a fraction of the $45 asking price just before his inauguration in January.
Also Read: Hero MotoCorp Q3 profit misses poll, revenue and EBITDA beat estimates; ₹110 dividend declared
The original cryptocurrency, pitched as “digital gold,” has lost 46% of its value since Oct. 6, when it hit a record high of $126,210.50, according to crypto trading platform Coinbase.
After the election of President Donald Trump in November of 2024, Bitcoin prices chugged higher for the better part of a year, in part due to investors’ expectations of a more crypto-friendly administration in Washington.
Companies that enable investors to buy and sell cryptocurrencies, as well as the growing number of companies who have made investing in bitcoin their main business focus, have also been hit hard in the recent sell-off.
Also Read: Crypto winter: How long it will last and the next downside bitcoin level to watch
Coinbase Global fell 9.1% and online trading platform Robinhood Markets lost 8.1%. Bitcoin mining company Riot Platforms dropped 10%.
Strategy, the biggest of the so-called crypto treasury companies that raises money just to buy bitcoin, tumbled 13%. The company, formerly called MicroStrategy, reports on its website holdings of 713,502 bitcoin. With the average purchase prices for those above $76,000, it means the company is under water on the investment. Thursday morning its bitcoin holdings were worth about $47.8 billion, less than the $54.3 billion Strategy says they cost.
American Bitcoin, in which Trump’s sons Eric Trump and Donald Trump Jr. hold a stake, fell 6.6% and is now down more than 80% since Oct. 7.
Other Trump-related crypto ventures have declined as well. The market value for the World Liberty Financial token, or $WLFI, has fallen to about $3.25 billion from above $6 billion in mid-September, according to coinmarketcap.com. And the price of a meme coin named for President Donald Trump, $TRUMP, is $3.93, a fraction of the $45 asking price just before his inauguration in January.
Also Read: Hero MotoCorp Q3 profit misses poll, revenue and EBITDA beat estimates; ₹110 dividend declared
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