Bitcoin bulls have it all — Wall Street support, political tailwinds, institutional cash. Everything, that is, except a rally. After topping $126,000 in October, Bitcoin has fallen sharply, wiping out its 2025 gains. The sharp retreat from record highs comes in a year that was supposed to cement Bitcoin’s legitimacy. Wall Street has shown up, exchange-traded funds are bringing crypto into mainstream portfolios and the Trump administration has fully embraced crypto. Yet the market has retreated — fast, hard and with no clear trigger. Bitcoin’s total market value has plunged by about $600 billion from an October high, ... (full story)