Bitcoin: How $1 trillion flew in 8 months? - Cryptocurrencies in the background, investors with an eye on AI
Bitcoin has suffered a sharp decline, falling from a record high of $126,000 last fall to just over $60,000 today. The decline has wiped more than $1.2 trillion from its total market capitalization in eight months, wiping out all the gains made during President Donald Trump's second term.
Last week, bitcoin hit its lowest level since Trump's reelection in 2024, signaling a new round of uncertainty for investors.
This course contrasts with the beginning of his term, when expectations for a more favorable attitude towards cryptocurrencies had caused a surge that took bitcoin above $100,000, a month after the presidential election.
Since then, investor sentiment has shifted. The cryptocurrency has lost nearly 30% of its value since the start of the year and more than 6% since Trump took office. The eight-month decline since the last record has prompted many investors to liquidate their positions, while others are reassessing the role of cryptocurrencies in their portfolios.
Bitcoin surged at the start of the war with Iran in late February, sparking talk of a return to its role as “digital gold.” But it has since lost all of its gains.
The broader cryptocurrency market has also been hit. Shares of Coinbase (COIN) are down about 30% since the start of the year, while the growing focus on artificial intelligence appears to be distracting investors from cryptocurrencies. Preparations for major initial public offerings (IPOs), such as Elon Musk's SpaceX, are fueling interest in other sectors.
Another factor is uncertainty about inflation and the Federal Reserve's monetary policy. Strong employment and inflation reports are leading analysts to predict that interest rates will remain high for a longer period.
Despite bitcoin's decline, other coins like HYPE, which is tied to the Hyperliquid exchange, have risen by 150% this year, showing that the market remains active and diversified.
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