Bitcoin’s price has fallen below pre-Trump second term levels, and is now hovering below $67,000

Bitcoin’s price continued its multi-month decline on Thursday, falling another 11% to $67,000, and its value is now lower than it was when President Donald Trump was elected to his second term.

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The original cryptocurrency, which has been labeled “digital gold,” has lost nearly half its value since Oct. 6, when it reached a record high of $126,210.50, according to cryptocurrency trading platform Coinbase. As of 2pm EST, the coin was trading at $66,301.

After Trump’s election in November of 2024, Bitcoin prices rose for the better part of a year, partly due to investors’ expectations of more favorable cryptocurrency management in Washington. But these gains have now been erased.

The sell-off appears to be a combination of investors withdrawing from speculative assets such as gold, silver, and cryptocurrencies, as well as concern about the future of cryptocurrency regulation in Washington, despite Trump’s significant support for cryptocurrency companies since his election.

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The White House hosted banks and cryptocurrency companies at an event this week to see if there could be common ground on pending legislation that would regulate stablecoins.

The cryptocurrency industry wants to be able to pay customers to hold their deposits in cryptocurrencies or stablecoins, a move that the banking industry will completely oppose. Banks believe that cryptocurrency accounts that offer profits or yield will take money out of the traditional banking system. At present, it appears that the bill will not move forward in Congress.

One popular way to invest in Bitcoin is through Bitcoin exchange-traded funds, or exchange-traded funds, which allow investors to have a stake in Bitcoin without directly owning the cryptocurrency. According to data from Morningstar Direct, investors pulled about $5.7 billion from bitcoin ETFs from November to January.

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Companies that enable investors to buy and sell cryptocurrencies, as well as the growing number of companies that have made investing in Bitcoin the main focus of their business, have also been hit hard in the recent sell-off. Coinbase Global fell 9.1%, and online trading platform Robinhood Markets lost 8.1%. Shares of Bitcoin mining company Riot Platforms fell by 10%.

Strategy, the largest so-called crypto treasury firm that raises money solely to buy bitcoin, fell 13%. The company, formerly called MicroStrategy, reported holdings on its website of 713,502 BTC. With the average purchase price of over $76,000, it means the company is immersed in investment. On Thursday morning, its Bitcoin holdings were worth about $47.8 billion, less than the cost the strategy says is $54.3 billion.

US Bitcoin, in which Trump’s sons Eric Trump and Donald Trump Jr. have a stake, fell 6.6% and is now down more than 80% since October 7.

Other cryptocurrency projects linked to Trump also declined. The market capitalization of the World Liberty Financial token, or $WLFI, has fallen to about $3.25 billion from more than $6 billion in mid-September, according to Coinmarketcap.com. The meme coin named after President Trump, $TRUMP, is priced at $3.93, a fraction of the $45 asking price before his inauguration in January.