Bitcoin tumbled to nearly $60,000 on Friday, extending a 30% drawdown over the past month amid another $2 billion in liquidations.

The top crypto is now down nearly 50% from its peak, erasing gains made after the election of US President Donald Trump, who supports the industry.

Trump’s 2024 election victory and subsequent backing triggered a boom-and-bust cycle, argues Bloomberg Intelligence strategist Mike McGlone.

“Cryptos got Trumped,” he said on Bloomberg Television.

The selloff comes after fresh data on Thursday revealed that the US job market last month was the worst of any January since 2009, when the…