Donald Trump’s pledge to turn the United States into the world’s crypto capital is under strain as Bitcoin fell below $75,000, deepening losses across digital asset markets.
US spot-bitcoin ETF investors are now sitting on paper losses of about 8% to 9%, reflecting a broader downturn that has followed bitcoin’s slide to its lowest level since April 2025.
Despite early promises including a Strategic Bitcoin Reserve, a Digital Assets Stockpile and the appointment of a crypto czar, regulatory progress beyond the GENIUS Act on stablecoins has been limited.
Bitcoin’s decline has been driven by evaporating liquidity, weak inflows and a failure to respond to traditional market catalysts such as dollar weakness and geopolitical risk.
The slump has coincided with a wider sell-off in global equities and commodities, wiping about $700 billion from total crypto market capitalisation in just two weeks, according to market analysts.
While the market has fallen, Trump’s personal crypto exposure has reportedly generated between $867 million and $1 billion, making it one of his most profitable ventures.
The contrast between Trump’s gains and investor losses has intensified scrutiny of whether his ambition to make the US the global centre of crypto was ever realistically achievable.
At the time of reporting, Bitcoin price was $78,385.81.