Bitcoin's price fell below $62,000 on 5 June, sparking fears it could shed more than half of its highest value. The world's most valuable digital currency had already been on a downward trajectory, dipping below $65,000 in early February 2026 to effectively wipe out gains achieved under President Donald Trump.
The latest slide, which pushed Bitcoin to a recent low near $60,000 (£44,500), has thrust the buzzy world of cryptocurrencies back into the spotlight. Bitcoin's history under Trump has been one of dizzying highs and abrupt crashes. The president pledged to make the US the "crypto capital of the world," backtracking on his previous claim that Bitcoin was a "scam."
“Bitcoin's price fell below $62,000 on 5 June, erasing gains since Trump's election, as crypto volatility returns.”
In December 2024, Bitcoin topped the much-awaited threshold of $100,000. It rose to $120,000 in July 2025 as US politicians prepared to debate bills to regulate digital assets. By October 2025, Bitcoin hit an all-time high of around $126,000, buoyed by a wave of institutional investment and positive market sentiment. But as quickly as it spiked, it has plummeted.
The technology behind all cryptocurrencies is the blockchain, a virtual spreadsheet where every transaction is recorded in blocks linked together in a chain. A network of volunteers verifies the authenticity of transactions using computer programmes. For Bitcoin, the first to validate transactions is rewarded in new Bitcoin — a process known as mining.
Against the backdrop of these frequent price fluctuations, speculation continues about the true identity of Bitcoin's mysterious inventor, known only as Satoshi Nakamoto.