Welcome to the first real crypto crash
Photo-Illustration: Intelligencer; Photo: Getty Images
Around Election Day, 2024, the price of bitcoin started a long, steep climb. Already priced near its all-time high, and driven in part by the imminent arrival of an extremely pro-crypto administration, a bitcoin worth around $70,000 was, by October of 2025, at more than $126,000. That, for the time being, was the top: By Thanksgiving, it was back near $90,000 before briefly stabilizing. This week, in the context of a broader plunge in tech stocks and commodities, it nearly touched $60,000.
Longtime bitcoin holders will correctly point…
