Bitcoin drops below $60,000 despite Trump embrace

While everyone else was getting ready for the weekend, Bitcoin took a plunge.

The popular cryptocurrency was trading below $60,000 for at least part of Friday. This marked the first time since Donald Trump's reelection in late 2024 that Bitcoin had dropped below that line, per Bloomberg.

It's also more than half the value of Bitcoin's all-time peak, in October 2025.

At time of writing, Bitcoin has rebounded a little and stands slightly above $60,000. Still, it's an ominous sign at a time when the U.S. government's executive branch is highly supportive of cryptocurrency.

Bitcoin reached a peak of $126,000 last October, but the decline has been steep. As to why investors are losing confidence in the cryptocurrency, Bloomberg cites geopolitical concerns such as the war in Iran. But that's not the whole story. Bitcoin has been on this trajectory for a while now, as we took note of its crashing value back in February.

One other potential reason: new advances in quantum computing have put traditional crypto mining techniques at risk, according to Google.

But if it continues declining at this rate, Bitcoin may not even be worth a future quantum computer hacker's time.