Bitcoin Price Drops as Crypto Industry Faces Another Slump

Nytimes reports that Bitcoin is trading below $64,000, nearly 50 percent below its October peak, as the crypto industry falls into a renewed slump.

Other major coins have also weakened: Ether and Solana are down more than 30 percent over the past week. Public companies tied to crypto have seen steep losses; Strategy is down 75 percent since November 2024 and reported a net loss of $12.4 billion in the last three months of 2025.

The downturn is already producing fallout in the industry. The Gemini exchange announced it will lay off 25 percent of its workforce and end operations in the United Kingdom, the European Union and Australia.

The slide has coincided with stalled, industry-friendly legislation in Congress and comes despite White House support. The decline has been driven in part by risky, leveraged trading, and Treasury Secretary Scott Bessent said the government could not order banks to buy Bitcoin to stop the price drop.

United Kingdom, European Union, Australia