Bitcoin's Tumultuous Descent: The Crypto Winter Continues

Bitcoin's price has plunged to USD 67,000, a 46% drop since October, with cryptocurrency platforms like Coinbase experiencing significant declines. The crypto downturn has impacted companies heavily invested in digital currencies, including those linked to Donald Trump's ventures. The overall market continues to be bearish.

Bitcoin's tumultuous descent continued on Thursday, with its price falling 11% to USD 67,000, marking its lowest point in 15 months. This digital asset, often referred to as 'digital gold,' has plunged 46% since hitting a peak of USD 126,210.50 in early October, as reported by Coinbase.

Following President Donald Trump's 2024 election, expectations of a crypto-friendly administration temporarily buoyed Bitcoin prices. However, the prevailing bear market is now taking a toll on companies engaged in cryptocurrency trading and investment. Coinbase Global saw a 9.1% decline, while Robinhood Markets dropped by 8.1%. Bitcoin mining company Riot Platforms suffered a 10% fall in its stock value.

The impact is highest on firms like Strategy, formerly MicroStrategy, which solely raises money to invest in Bitcoin. The company reported holdings of 713,502 bitcoins, with purchasing costs surpassing USD 76,000 each. Presently, those bitcoins are valued at about USD 47.8 billion, less than their original cost. Other Trump-associated crypto endeavors have recorded steep declines, with American Bitcoin shares plunging 6.6%, losing more than 80% since October. The World Liberty Financial token also saw a sharp drop in market value.

(With inputs from agencies.)