In brief – Bitcoin is now trading below its 2024 Election Day mark as it continues its slide this week. – The top crypto asset briefly traded below $60,000 for the first time since 2024, and is now nearly 52% off its all-time high. – Trump said recently that he’ll “never let…
ypto down,” but his markets influence appears to have waned. Demand for Bitcoin in the wake of the 2024 reelection of President Donald Trump was dubbed part of the “Trump Trade”—a way to describe the top crypto asset’s alignment with Trump and expectations of a more crypto-friendly administration and favorable policies
Those who tagged along, made out quite well—for a time. But nearly two years later, crypto traders find themselves even below where they started, as Bitcoin trades at a discount to its election day marker. It recently changed hands at $60,619—about 12.6% below its closing price around $69,355 on November 5, 2024, the day ballots were cast.
A day prior to election day, BTC closed around $67,793, according to data from CoinGecko. The next day, it soared to a new all-time high above $75,000, and analysts predicted even higher marks in the months to follow, ultimately being proven right as President Trump was inaugurated for the second time and BTC hit even higher marks around $109,000 in January. Insatiable demand from Bitcoin ETFs, which grew from around $37 billion in assets under management in January 2025 to more than $62 billion at its peak in 2025, helped push BTC even further throughout the first year of Trump’s second term.