Bitcoin Just Dipped Below $60,000 Erasing All Its Post-Trump Election Gains.

For the first time since October 2024 right before Donald Trump’s comeback win Bitcoin has tumbled below $60,000.

On Friday in New York, the world’s largest cryptocurrency dropped as much as 6%, hitting $59,770. That’s more than 50% below its all time high of over $126,000, which it reached just last October. In other words, Bitcoin is now worth less than it was when the self proclaimed crypto friendly president returned to the White House.

So what’s behind the crash? A few things. Investors are pulling money out of Bitcoin ETFs. Geopolitical tensions are flaring up again. And there’s growing worry about whether big buyers can keep up their appetite for crypto.

Take Michael Saylor’s Strategy Inc. (formerly MicroStrategy). The firm was a major force behind the last bull run, buying Bitcoin in bulk. But this week, it did something rare it sold some of its holdings. That spooked the market.

Beyond that, the broader investing world has moved on. For years, crypto was the hot, must have risk asset. Now? Money is spreading across all kinds of speculative bets, from AI stocks to prediction markets and short-term options. Artificial intelligence has stolen the spotlight.

“For the longest time, crypto was what Silicon Valley and Wall Street obsessed over and AI just replaced it,” said Michael Antonelli, a market strategist at Baird. “It’s really that simple.”

Smaller coins got crushed too. Ether hit its lowest level since April 2025, dropping nearly 13%. XRP, Solana, and Dogecoin all fell more than 5%.

The ironic part? This downturn is happening at what should be crypto’s victory lap. The Trump administration has delivered nearly everything the industry wanted: friendly regulators, a sympathetic president, institutional acceptance, and a legal framework treating digital assets as part of the mainstream financial system.

But instead of sparking a new wave of demand, those wins have coincided with one of Bitcoin’s deepest slides in years.

Bitcoin’s record high came just days before a massive selloff, fueled by billions in liquidated bets. Then conflict in Iran made risky assets less appealing. And while stocks rallied on AI hype, Bitcoin was left out in the cold. Even inflation fears have benefited gold more than Bitcoin hurting its reputation as a hedge.

“Bitcoin is essentially competing with global liquidity,” said Dean Chen, an analyst at crypto exchange Bitunix. “When markets think interest rates will stay high for longer, investors naturally cut back on assets that don’t pay any yield.