The experiment in a new currency ain’t doing so good these days….
Oh WOW!
Donald Trump IS Involved….
Things NEVER change….
The price of Bitcoin is lower than it was the day before President Trump’s election. A leading cryptocurrency exchange is laying off a large chunk of its work force. And a push for industry-friendly legislation has stalled in Congress.
After months of declining prices and dispiriting setbacks, the crypto industry has found itself deep in one of its periodic slumps — a so-called crypto winter.
Bitcoin is trading at less than $64,000, a nearly 50 percent decline from its peak price, which it reached just last October. The prices of two other top coins, Ether and Solana, are both down more than 30 percent over the past week.
At the same time, the stock prices of major crypto firms have plummeted. Strategy, a company that buys enormous amounts of Bitcoin, is down 75 percent since November 2024, when Mr. Trump was newly elected and promised to make the United States “the crypto capital of the planet.”
All the bad news has now cemented into one of the worst crises in the crypto industry since 2022, when the FTX exchange collapsed after an $8 billion fraud. This time, the market’s decline has been driven partly by a type of risky trading that caused a sudden market crisis late last year.
The downturn is especially disappointing for the industry because it has come at a time when the White House is embracing crypto and promising to boost the industry in the United States. The plunging prices show how vulnerable Bitcoin remains to broader economic trends, like the pressures on the larger tech industry that have caused a marketwide sell-off in recent days….
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On social media, some crypto experts have expressed a sense of gloom, lamenting the industry’s latest meltdown.
Evgeny Gaevoy, the founder of the influential crypto trading firm Wintermute, wrote that he was concerned that some of the industry’s early idealism had drained away in the chase for profits.
Bitcoin’s “reason for existence completely lost behind ‘number go up,’” he wrote. “Same goes for most of ‘crypto’ really.”…
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