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.