Bitcoin Slumps Below $80,000 As Crypto Rout Wipes Nearly All Post-Election Gains

The price of Bitcoin dropped below $80,000 early on Friday, its lowest level since the second week of November, amid a wider crypto selloff that has wiped out nearly all of the token’s post-election gains amid concerns about the economic impact of President Donald Trump’s tariffs push.
Bitcoin's price has fallen more than 25% from its all-time high on Trump's inauguration day.
CFoto/Future Publishing via Getty Images
The price of Bitcoin, the world’s most valuable cryptocurrency, stood at $78,949 early on Friday—after falling more than 8.5% in the past 24 hours.
In the past seven days, Bitcoin’s price has plummeted by nearly 20%.
Bitcoin’s slump comes amid a wider crypto market selloff, with the price of Ether—the second most valuable token by market cap—dropping more than 11% in the past 24 hours to around $2,100.
The price of the Ripple Labs linked XRP, Binance’s BNB and Solana’s SOL have tanked 9.2%, 7.3% and 9% respectively in the past day.
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27.3%. That is how much the price of Bitcoin has dropped since it hit an all-time high of $109,114 on Jan. 20, the day of President Donald Trump’s inauguration.
Trump’s official meme coin, launched just days before his innauguration, has also continued its downward slide amid the marketwide rout. On Friday, the price of the $TRUMP meme coin fell to $11.30—a nearly 15% drop in the past 24 hours and 85% below its all-time high of around $75. The token peaked just two days after its official launch, with $TRUMP’s market cap briefly crossing $15 billion, but its price has steadily declined since then. The $TRUMP launch appeared to spur other world leaders to boost similar meme tokens. Earlier this month, Argentinian President Javier Milei promoted $LIBRA token, causing its market cap to surge to $4 billion, before early backers began dumping their holdings. The following crash in LIBRA’s price, which appeared to resemble a pump-and-dump scheme, has triggered lawsuits against the Argentine leader. In a similar move, the president of the Central African Republic—one of Africa’s poorest nations—launched a CAR meme token to raise his country’s profile. The coin’s value has slumped by more than 97% since its launch.