Bitcoin slumped below $60,000 this week, wiping out every dollar it had gained since President Trump's reelection in November 2024. The move marks a stark reversal for the world's largest cryptocurrency and underscores the toll that shifting US policies are taking on global digital-asset markets.
Why it happened
The decline didn't come out of nowhere. Over the past month, regulatory signals out of Washington have grown more contradictory. The SEC's enforcement pace hasn't eased as much as some hoped, and fresh talk of a digital dollar pilot has spooked traders who see it as a threat to Bitcoin's dominance. Combine that with rate uncertainty from the Fed, and you get a market that's been selling first and asking questions later.
What the numbers say
Bitcoin changed hands around $58,800 as of Friday afternoon, according to CoinGecko. That's down roughly 18% from the post-election peak near $71,000. More importantly, it's the first time since early November that the price sits below the level where it traded on Election Day 2024. For investors who bought in after the victory speech, every position is now under water.
The slide isn't just about Bitcoin. Ethereum, Solana, and other large-cap tokens have followed suit, shedding 15% to 25% from their recent highs. Trading volume on major exchanges dipped midweek before picking up again as bargain hunters stepped in — but the buying hasn't been strong enough to reverse the trend.
This week's price action raises a difficult question for the industry: if a pro-crypto administration can't keep Bitcoin above $60,000, what happens when the regulatory winds shift the other way? The White House hasn't commented on the sell-off. The Treasury Department declined to answer questions about any planned digital-asset policy announcements.
What comes next
The next concrete test for Bitcoin will come in late June, when the SEC is expected to rule on several spot ETF applications for altcoins. A denial — or a surprise delay — could pile more pressure on an already fragile market. For now, traders are watching the $58,000 support level. If that breaks, the next floor is anyone's guess.
