Bitcoin continued a monthslong slide on Thursday, dropping another 11% to about $67,000, and by 2 p.m. ET it was trading at $66,301, the Associated Press reported, citing Coinbase data. The selloff put bitcoin below levels seen before President Donald Trump’s second term began, reversing much of the gains that followed Trump’s election in November 2024.
The AP said the original cryptocurrency—marketed at various points as “digital gold”—has lost nearly half of its value since Oct. 6, when it reached a record high of $126,210.50, according to Coinbase data cited in the report. After Trump’s election, bitcoin rose for much of the following year, helped in part by investors’ expectations of a more crypto-friendly administration.
The Associated Press attributed the recent downturn to more than one factor, including investors moving out of speculative assets such as gold, silver and digital currencies. The AP also cited concerns about the future of cryptocurrency regulation in Washington, even as Trump has backed cryptocurrency companies since taking office.
The report pointed to the White House hosting banks and cryptocurrency companies during the week to look for “common ground” on pending legislation to regulate stablecoins. The AP said the cryptocurrency industry wants to allow companies to pay customers interest or yield for holding deposits in crypto or stablecoins, a move that the banking industry would oppose. The AP added that the bill appeared unlikely to advance in Congress.
Bitcoin’s fall also showed up across investment products linked to the cryptocurrency. The AP said one common way of investing in bitcoin—spot bitcoin exchange-traded funds—saw investors withdraw about $5.7 billion from November through January, citing Morningstar Direct data.
The Associated Press said companies involved in trading and holding crypto also took hits as the market slid. It reported Coinbase Global fell 9.1% and Robinhood Markets dropped 8.1%, while Riot Platforms fell 10%. The report also said Strategy, a crypto “treasury” company, tumbled 13%.
For Strategy, the AP said the company—formerly called MicroStrategy—reported holding 713,502 bitcoin on its website. It said that with an average purchase price above $76,000, the company is “under water,” and that Strategy’s bitcoin holdings were worth about $47.8 billion Thursday morning, less than the $54.3 billion Strategy said they cost.
The AP said American Bitcoin, in which Trump’s sons Eric Trump and Donald Trump Jr. hold a stake, fell 6.6% and is down more than 80% since Oct. 7. It also reported that other Trump-linked crypto projects declined, including the market value for the World Liberty Financial token ($WLFI), which fell to about $3.25 billion from above $6 billion in mid-September, according to coinmarketcap.com. The AP said a meme coin named for President Trump ($TRUMP) fell to $3.93 from $45 before his inauguration in January.