Bitcoin falls below $65,000, wiping out all gains since Trump's election victory.

On Thursday, Bitcoin plunged 11% to $64,944, hitting the lowest since October 2024. The unwinding of leverage bets and overall market turbulence intensified the selling pressure, wiping out the gains from the speculative frenzy triggered by Trump's election victory. Since reaching a record high four months ago, this round of sell-off has erased nearly half of Bitcoin's value, spreading to other tokens, related exchange-traded funds, and companies such as Strategy Inc. holding a large amount of Bitcoin.