Bitcoin plunges 52% from record high as traders pivot to AI investments
By
John Towfighi
An everything bagel for the brain. Substantive, layered, well-seasoned.
Summary
Bitcoin has experienced a dramatic decline from its record high of $126,000 to just above $60,000, erasing over $1.2 trillion in market cap over eight months. The cryptocurrency has lost all gains made during President Donald Trump's second term, with prices falling to levels not seen since before his 2024 reelection. The downturn marks a sharp reversal from the optimism at the start of Trump's term, when expectations of crypto-friendly policies drove a rally. Traders are now shifting focus toward the AI sector, contributing to bitcoin's loss of luster.
Key quotes
· 3 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.
It's a stark shift from the start of Trump's term, when expectations of a more crypto-friendly administration helped fuel a rally to record
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