All the gains from the reelection rally have been erased.
In the span of a single week, Bitcoin fell below $60,000 for the first time since October 2024, erasing every gain accumulated since Donald Trump's reelection and delivering the worst seven-day performance for major cryptocurrencies since the FTX collapse of 2022. Ether followed in lockstep, as fear moved through the market without a clear catalyst — no regulatory shock, no exchange failure, no headline to explain the reversal. What this moment reveals is something older than any particular asset class: the way confidence, once it begins to unwind, can move faster than the reasons we give it.
- Bitcoin cracked below $60,000 — a threshold not seen since October 2024 — in a decline that wiped out the entire post-election rally in under five trading days.
- The weekly loss rivals the FTX implosion in severity, a comparison that carries weight precisely because that event was driven by catastrophic fraud, while this one has no obvious cause.
- Ether fell in parallel, confirming that when fear spreads through crypto markets, it does so without distinction — no asset, however established, is insulated.
- Critical support levels are now being tested, and whether they hold or break will determine if the coming sessions bring stabilization or a deeper unraveling.
- The absence of a triggering event is itself unsettling — suggesting this may be a structural loss of momentum rather than a reaction to external shock, leaving investors without a clear narrative to buy into.
Bitcoin fell below $60,000 this week for the first time since October 2024, marking the worst seven-day stretch for major cryptocurrencies since the FTX implosion. The digital asset had climbed steadily through early 2026 on the back of Donald Trump's reelection and a broadly pro-crypto posture from Washington — but in the span of five trading days, every gain from that period was surrendered. Ether followed the same path, both tokens swept up in a wave of selling pressure that arrived without a clear catalyst.
The comparison to FTX is what gives this week its particular weight. That November 2022 collapse was driven by fraud and institutional failure — a specific, identifiable rupture. This decline rivals it in weekly loss terms, yet no equivalent event has emerged to explain it. No regulatory announcement, no exchange failure, no headline. Sometimes markets simply reverse: leverage unwinds, momentum exhausts itself, and the machinery of finance moves without needing a story to justify the move.
What makes the timing cut deeper is the context it dismantles. The narrative heading into this week was one of maturation — institutional accumulation, political legitimacy, mainstream acceptance. That story has now inverted. Bitcoin is not merely down for the week; it is trading below where it stood when Trump took office. Support levels that traders had treated as floors are being tested, and if they give way, the question becomes not whether confidence has slipped, but how far it intends to fall.
Bitcoin fell below $60,000 this week for the first time since October 2024, marking the worst seven-day stretch for major cryptocurrencies since the FTX implosion nearly four years ago. The digital asset, which had climbed steadily through the early months of 2026 following Donald Trump's reelection, has now surrendered every gain it made during that period and then some. Ether followed a similar trajectory, both tokens caught in a wave of selling pressure that swept through crypto markets with little warning and no clear catalyst.
The scale of the decline is what makes this moment noteworthy. This is not a routine pullback or a correction within a bull run. This is the kind of week that forces investors to reckon with the volatility that defines the asset class—the sudden, violent reversals that can erase months of accumulated value in days. The comparison to the FTX collapse is instructive. That event, in November 2022, sent shockwaves through the entire ecosystem, wiping out billions in customer funds and exposing the fragility of centralized exchanges. The fact that this week's performance rivals that catastrophe, at least in terms of weekly losses, suggests something significant has shifted in market sentiment.
What makes the timing particularly sharp is the context. Bitcoin had been riding genuine momentum. The Trump administration's pro-crypto stance had buoyed prices, and there was a sense that the asset class had finally found political cover in Washington. Institutions had been accumulating. The narrative was one of maturation and mainstream acceptance. Then, in the span of five trading days, that story inverted. All the gains from the reelection rally—the period when crypto was supposed to be entering a new era—have been erased. Bitcoin is not just down for the week; it is down from where it stood when Trump took office.
Ether's performance mirrors Bitcoin's, which is typical during broad market stress. When fear spreads through crypto, it spreads indiscriminately. The second-largest cryptocurrency by market capitalization has no special protection. Both assets are now trading near their 2026 lows, a fact that will weigh on sentiment heading into the coming week. Support levels that traders had marked as critical are being tested. If they break, the question becomes how far down the market is willing to go.
The absence of a clear trigger for the decline adds to the unease. There is no obvious news event, no regulatory announcement, no major exchange failure. Sometimes markets simply reverse. Momentum exhausts itself. Leverage gets unwound. Weak hands capitulate. The machinery of finance does not always require a headline to justify a move; sometimes the move is the story. In this case, investors are left to wonder whether this is a temporary correction that will be bought on dips, or whether it signals a deeper loss of confidence in the asset class itself. The answer will likely determine whether the next week brings stabilization or further deterioration.
La Conversación del Hearth Otra perspectiva de la historia
What actually triggered this? Was there a specific event, or did the market just turn?
There doesn't appear to be a single catalyst. Sometimes that's the scariest kind of decline—when it's just momentum reversing and leverage unwinding. The gains from Trump's reelection are simply gone.
How does this compare to what happened with FTX?
FTX was a catastrophic failure of a specific institution. This is different—it's a broad market rejection. But the weekly losses are comparable, which tells you how severe the move has been.
So Bitcoin has given back everything since Trump won?
Everything and more. It's not just back to where it was in November; it's below that. The entire narrative about a new era of crypto acceptance has been tested and found wanting, at least for now.
What happens if support breaks?
That's the question traders are asking. If the levels hold, this could be a buying opportunity. If they don't, there's no obvious floor, and the decline could accelerate.
Is this about crypto specifically, or is it part of a broader market move?
The reporting focuses on crypto, but you'd want to know what's happening in equities and bonds. If it's just crypto, that's one story. If everything is selling off, that's another entirely.