BlockBeats News, February 9 — The Financial Times published an article stating that Bitcoin may have experienced dozens of major crashes, hundreds of crypto companies may have gone bankrupt, and countless people may have lost their life savings. However, every time Bitcoin drops, it always rebounds. Those with the ability to hold on can persist, and each rebound reinforces the belief that the cryptocurrency they worship will always exist. Since its inception, Bitcoin has been on a path destined to end in a tragic conclusion.
This week, Bitcoin experienced its most severe crash since 2022, dropping to around $60,000 at one point, erasing all gains since Donald Trump’s re-election in 2024. From its peak of over $127,000 in October last year, it has fallen by more than half. According to data from Coinglass, approximately $1.25 billion worth of Bitcoin positions were forcibly liquidated within just 24 hours from Thursday to Friday.
The United States indeed has the closest leadership to a “Bitcoin President,” and its family has interests in crypto assets. However, even with the establishment of a “Strategic Bitcoin Reserve,” pardons for numerous convicted crypto criminals, allowing Americans to include crypto assets in 401(k) retirement accounts, and claiming to have ended former President Biden’s “Crypto War” within 200 days of taking office, Trump’s presence in the White House still couldn’t prevent selling pressure.
We may not have yet seen the final “death spiral” of Bitcoin; I also cannot predict when it will come. Judging the end of the speculative frenzy based solely on faith is very difficult. Bitcoin may still have several rebounds (as of writing, it has rebounded to about $70,000). But confidence is beginning to wane. People are starting to realize that an asset sustained purely by wishful thinking has no bottom value. Ask yourself: will this thing still exist after 100 years? Remember, “The real question is not how you fall, but how you land.”
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