Boosted by a pro-cryptocurrency Trump administration, digital coins spent most of last year soaring to new heights. Bitcoin, the world’s most popular digital currency, skyrocketed from below $70,000 before the 2024 election to above $126,000 in October, an all-time high.

But this year, amid broader geopolitical turbulence, economic uncertainty and growing pessimism around alternative investments, crypto has been in a nosedive, falling to a recent low below $64,000 — wiping out its entire run up from Trump’s second term. Other popular cryptos, including Ethereum, have also been plunging, and some analysts have been warning much steeper drops could be coming.

“The crypto bubble is imploding,” Mike McGlone, a senior strategist at…