Bitcoin drops 52% from record high as traders pivot to AI investments
By
John Towfighi
Pure flour-power. Hearty enough to carry you through lunch.
Summary
Bitcoin has fallen sharply from its record high of $126,000 to just above $60,000, erasing over $1.2 trillion in market cap in eight months and wiping out all gains from President Donald Trump's second term. The cryptocurrency hit its lowest level since before Trump's 2024 reelection, as traders shift focus toward the AI sector. The article highlights how the anticipated crypto-friendly administration failed to sustain bitcoin's rally, with selling pressure mounting as investor enthusiasm moves to artificial intelligence stocks and technologies.
Key quotes
· 4 pulledSince hitting a record high of $126,000 last fall, bitcoin has dropped to just above $60,000 amid waves of selling.
That has erased more than $1.2 trillion in market cap in eight months and wiped out all gains across President Donald Trump's second term.
On Friday, bitcoin its touched its lowest level since just before Trump's reelection in 2024.
It's a stark shift from the start of Trump's term, when expectations of a more crypto-friendly administration helped fuel a rally.
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