The price of bitcoin continued its monthslong slide Thursday, falling another 11% to $67,000, and is now worth less than it was when President Donald Trump was elected into his second term of office.
The original cryptocurrency, pitched as “digital gold,” has lost nearly half of its value since Oct. 6, when it hit a record high of $126,210.50, according to crypto trading platform Coinbase. As of 2 p.m. ET, the currency was trading at $66,301.
After the election of Trump in November of 2024, Bitcoin prices chugged higher for the better part of a year, in part due to investors' expectations of a more crypto-friendly administration in Washington. But those gains have now been erased.
The sell-off appears to be a combination of investors pulling out of speculative assets like gold, silver and digital currencies, as well as a concern about the future of cryptocurrency regulation in Washington, despite Trump heavily backing cryptocurrency companies since his election.
The White House hosted banks and cryptocurrency companies at an event this week to see if there could be common ground on pending legislation that would regulate stablecoins.
The cryptocurrency industry wants to be able to pay customers for holding their deposits in crypto or stablecoins, a move that the banking industry would absolutely oppose. Banks believe cryptocurrency accounts providing a dividend or yield would take money out of the traditional banking system. Presently it appears the bill is not going to move forward in Congress.
One popular way of investing in bitcoin is through spot bitcoin ETFs, or exchange-traded funds, which allow investors to have a stake in bitcoin without directly owning the cryptocurrency. According to data from Morningstar Direct, investors pulled about $5.7 billion out of spot bitcoin ETFs from November through January.
Companies that enable investors to buy and sell cryptocurrencies, as well as the growing number of companies who have made investing in bitcoin their main business focus, have also been hit hard in the recent sell-off. Coinbase Global fell 9.1% and online trading platform Robinhood Markets lost 8.1%. Bitcoin mining company Riot Platforms dropped 10%.
Strategy, the biggest of the so-called crypto treasury companies that raise money just to buy bitcoin, tumbled 13%. The company, formerly called MicroStrategy, reports on its website holdings of 713,502 bitcoin. With the average purchase price for those above $76,000, it means the company is under water on the investment. Thursday morning its bitcoin holdings were worth about $47.8 billion, less than the $54.3 billion Strategy says they cost.
American Bitcoin, in which Trump’s sons Eric Trump and Donald Trump Jr. hold a stake, fell 6.6% and is now down more than 80% since Oct. 7.
Other Trump-related crypto ventures have declined as well. The market value for the World Liberty Financial token, or $WLFI, has fallen to about $3.25 billion from above $6 billion in mid-September, according to coinmarketcap.com. And the price of a meme coin named for President Trump, $TRUMP, is $3.93, a fraction of the $45 asking price just before his inauguration in January.
FILE - Bitcoin tokens are seen on April 3, 2013, in Sandy, Utah. (AP Photo/Rick Bowmer, File)
Giannis Antetokounmpo remained with the Milwaukee Bucks while plenty of other players changed addresses as the NBA trade deadline passed Thursday.
Antetokounmpo had been the center of attention heading into the trade deadline amid reports that the Milwaukee Bucks started listening to offers for the two-time MVP and nine-time all-NBA selection. But when the deadline arrived at 3 p.m. ET, Antetokounmpo remained in Milwaukee.
Antetokounmpo, who hasn’t played since straining his right calf on Jan. 23, has spent his entire 13-year career with Milwaukee and led the Bucks to a title in 2021.
Antetokounmpo repeatedly has said that he loves playing in Milwaukee, but he also has emphasized that he wants to continue playing for a team that’s committed to competing for championships. The Bucks have lost in the first round of the playoffs each of the last three seasons and are currently 12th in the Eastern Conference standings.
Memphis' Ja Morant also hadn't been traded as of the deadline, even though his future had been the subject of much speculation over the last few weeks.
Morant has spent his entire career in Memphis, but the Grizzlies are 11th in the Western Conference standings and already dealt two-time All-Star Jaren Jackson Jr. to the Utah Jazz this week as part of a roster overhaul.
Although he’s a two-time All-Star in his own right, Morant has seen his stock fall lately because of injuries and off-court issues as well as a drop in production.
There were some notable trades to take place Thursday, but none of them involved anyone with Antetokounmpo's star power.
Indiana acquired 7-footer Ivica Zubac from the Los Angeles Clippers. Minnesota added some potential bench scoring by getting Ayo Dosunmu from the Chicago Bulls. New York gained some backcourt depth by landing Jose Alvarado from New Orleans.
Most of the biggest names to change teams did so in trades that were reported earlier in the week. That list of players included 2018 MVP and 11-time All-Star James Harden as well as five-time all-NBA selection Anthony Davis.
The Indiana Pacers paid a big price to get a big man. The Pacers sent Bennedict Mathurin, Isaiah Jackson and up to three draft picks to the Los Angeles Clippers, a person familiar with the situation told The Associated Press.
The person spoke to the AP on condition of anonymity because the trade had not been announced.
Zubac, who turns 29 next month, has averaged 14.4 points and 11 rebounds this season. The 7-footer gives Indiana a reliable center that could help the defending Eastern Conference champions contend again when Tyrese Haliburton returns from his Achilles injury next season.
Mathurin, 23, was averaging 17.8 points for Indiana.
As the deadline approached, the Minnesota Timberwolves acquired Dosunmu from the Chicago Bulls, a person with knowledge of the deal told the AP. The person spoke to the AP on condition of anonymity because the trade hadn't been finalized.
Minnesota agreed to send guard Rob Dillingham, forward Leonard Miller and four second-round draft picks to the Bulls for Dosunmu and forward Julian Phillips.
Dosunmu is making about $7.5 million in the final season of his current contract. The 26-year-old is averaging a career-high 15 points per game and shooting a career-best 45.1% from 3-point range. He will fill an obvious need for the Timberwolves for more offense off the bench.
Toronto added a future Hall of Famer in Chris Paul, who will likely never play for the Raptors, to get below the luxury tax threshold.
The Raptors traded with the Los Angeles Clippers for Paul, at least on paper. Toronto also sent forward Ochai Agbaji, a future second-round pick and cash to the Nets, the Raptors announced.
Paul — who is expected to retire after this season — was sent home by the Clippers in November but remained on their payroll.
The Cleveland Cavaliers sent guard Lonzo Ball to the Utah Jazz for a pair of second-round draft picks.
Ball appeared in 35 games, including three starts, and averaged 4.6 points, 3.9 assists and 1.3 steals in 20.8 minutes. The Jazz will be the fifth team for Ball in his seven-year career.
The Knicks and Pelicans made a last-hour deal Thursday to send Jose Alvarado to New York for two second-round picks and Dalen Terry, who they acquired in a separate deal with Chicago, a person with knowledge of the deal told the AP. The person spoke on condition of anonymity because the trade hadn’t been announced publicly.
The Clippers sent Harden to the Cleveland Cavaliers for two-time All-Star Darius Garland and a second-round draft pick. The 26-year-old Garland is 10 years younger than Harden.
Davis is going from the Dallas Mavericks to the Washington Wizards as part of an eight-player trade. The Wizards are receiving Davis, Jaden Hardy, D’Angelo Russell and Dante Exum in exchange for Khris Middleton, AJ Johnson, Malaki Branham, Marvin Bagley III, two first-round picks and three second-round selections.
The Wizards eventually can pair Davis with four-time All-Star guard Trae Young, who came to Washington last month in a trade with Atlanta. Davis and Young are both currently injured.
Dallas then sent Branham to Charlotte in exchange for point guard Tyus Jones, a person familiar with the situation told the AP. Charlotte had acquired Jones from Orlando earlier in the week.
The Hawks acquired Gabe Vincent and a 2032 second-round draft pick from the Los Angeles Lakers for shooting guard Luke Kennard, a person with knowledge of the move told the AP on condition of anonymity because the trade had not yet received the required league approval. Atlanta also received Jonathan Kuminga and Buddy Hield from the Golden State Warriors for Kristaps Porzingis.
Each of the conference leaders also has made a move this week.
The defending NBA champion Oklahoma City Thunder acquired Jared McCain from the Philadelphia 76ers for a 2026 first-round draft pick and three second-round selections. The Eastern Conference-leading Detroit Pistons got Kevin Huerter from the Chicago Bulls as part of a four-team trade.
AP Pro Basketball Writers Tim Reynolds and Brian Mahoney, and AP Sports Writers Dave Campbell, Schuyler Dixon, Joe Reedy, Charles Odum and Michael Marot contributed to this report.
AP NBA: https://apnews.com/hub/NBA
Memphis Grizzlies guard Ja Morant looks on from the bench in the second half of an NBA basketball game against the Minnesota Timberwolves, Monday, Feb. 2, 2026, in Memphis, Tenn. (AP Photo/Brandon Dill)
Milwaukee Bucks' Giannis Antetokounmpo blows a bubble on the bench during the first half of an NBA basketball game Tuesday, Feb. 3, 2026, in Milwaukee. (AP Photo/Morry Gash)
Milwaukee Bucks' Giannis Antetokounmpo sits on the bench during the first half of an NBA basketball game Wednesday, Feb. 4, 2026, in Milwaukee. (AP Photo/Morry Gash)
Milwaukee Bucks' Giannis Antetokounmpo smiles on the bench with Thanasis Antetokounmpo during the first half of an NBA basketball game Wednesday, Feb. 4, 2026, in Milwaukee. (AP Photo/Morry Gash)
