Bitcoin Plunges Below $67,000, Erasing Gains Since Trump’s 2024 Win

Bitcoin fell about 11 percent on Thursday, Feb. 5, to roughly $67,000, its lowest level in more than a year and below where it traded when Donald Trump was elected to a second term in November 2024, according to the Associated Press via PBS NewsHour. CNBC and Al Jazeera reported that it dipped below $66,000 during the day, and Al Jazeera said it traded near $62,900 on Friday morning.

The cryptocurrency has lost nearly half its value since its record high in early October. The AP, citing Coinbase, put that peak at $126,210.50 on Oct. 6; CNBC said it was about $126,000, while Al Jazeera gave a figure above $127,000. After the 2024 election, bitcoin rose for most of a year on expectations of a friendlier regime for crypto, and those gains have since been erased, the AP said.

Several causes were cited. The AP pointed to investors pulling money from speculative assets, including gold, silver and digital currencies, and to doubt about regulation in Washington. The White House hosted banks and crypto firms this week to seek common ground on stablecoin legislation, the AP said; crypto companies want to pay customers for holding deposits, which banks strongly oppose, and the AP said the bill appears unlikely to advance.

Money has been leaving bitcoin funds. The AP, citing Morningstar Direct, said investors pulled about $5.7 billion from spot bitcoin exchange-traded funds from November through January. Al Jazeera cited Deutsche Bank and CryptoQuant in reporting that the funds, which bought heavily last year, have lost billions each month since the October downturn, and quoted CryptoQuant saying “institutional demand has reversed materially.” Kaiko analyst Adam Morgan McCarthy told Al Jazeera that falling interest and trading volumes have reduced liquidity, magnifying price moves, and that the decline accelerated after Trump named Kevin Warsh as his pick for Federal Reserve chair.

The slide has spread to related companies. The AP reported that Coinbase fell 9.1 percent, Robinhood Markets 8.1 percent, bitcoin miner Riot Platforms 10 percent and Strategy, the largest corporate holder of bitcoin, 13 percent. Strategy reports holding 713,502 bitcoin bought at an average price above $76,000, so its holdings were worth less than their cost on Thursday, the AP said. The AP also noted declines in ventures tied to the Trump family, including American Bitcoin and the World Liberty Financial token.

Analysts differ on what comes next. Barry Bannister, chief equity strategist at Stifel, wrote in a note that bitcoin could bottom around $38,000, based on past steep downturns, CNBC reported. Matt Hougan, chief investment officer at Bitwise Asset Management, wrote that this is not a dip but a “full-bore, 2022-like” crypto winter, and said such winters typically last about 13 months, according to CNBC; Al Jazeera quoted him arguing that nothing fundamental about crypto has changed and a recovery could come sooner than expected.

The sell-off has come alongside sharp swings elsewhere. Al Jazeera reported that gold hit a record near $5,595 an ounce last week before falling to $4,872.83 on Thursday, and silver, after nearly $122, dropped to $77.36. Policy support has not insulated the market, Al Jazeera noted, even as Trump has called the U.S. the “crypto capital of the planet,” announced a strategic crypto reserve in March 2025 and backed the GENIUS Act on stablecoins in July 2025.