Bitcoin has suddenly plummeted, diving toward the closely-watched $100,000 per bitcoin level (just as Tesla billionaire Elon Musk issues a stark, $38 trillion U.S. bankruptcy warning).
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The bitcoin price has soared since the reelection of U.S. president Donald Trump last year, rising on a wave of enthusiasm for bitcoin and crypto, but its rally has stalled in recent months despite U.S. Treasury secretary Scott Bessent quietly sending the market a “signal” last week.
Ahead of the bitcoin price crashing toward $100,000, U.S. president Donald Trump warned China is trying to take on the U.S. as the world’s “capital of crypto.”
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U.S. president Donald Trump has warned China is making a “very big” move in bitcoin and crypto amid growing fears of a bitcoin crash under $100,000.
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Trump warned that if the U.S. doesn’t dominate the crypto field, then China will, comparing the battle to lead in development of the technology to the artificial intelligence race.
“I don’t want to have somebody else have crypto and have China be number one in the world in crypto,” Trump told CBS’s 60 Minutes.
“Because in crypto it’s a kind of an industry where basically you’re going to have number one and you’re not gonna have a number two. And right now we’re number one by a long shot. I want to keep it that way. The same way we’re number one with AI, we’re number one with crypto.”
Trump added that, “China is getting into it very big, right now,” perhaps referring to Hong Kong’s plans to ease rules to encourage crypto trading activity in the city.
However, crypto trading and mining remains illegal in mainland China following a 2021 ban.
Despite Trump’s commitment to making the U.S. into the “crypto capital of the world,” the bitcoin price has this year failed to make gains much above the levels it reached at the end of 2024.
“Bitcoin’s price has been moving sideways since July this year,” Arthur Azizov, founder of B2 Ventures, said in emailed comments, pointing to the possibility the bitcoin price could recover to beyond its all-time high of $126,000 per bitcoin if macro factors align.
“If, however, bitcoin drops below $100,000 and consolidates under that level, it could decline further into the $96,000-$93,000 range. Still, I see the $100,000 level as a psychologically significant threshold, so much will depend on how the market behaves there. Most likely, the price will once again rebound from this level, just as it did in June 2025. In simple terms, this area represents a strong support zone.”
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The bitcoin price has moved sharply lower, sparking fears of a full blown bitcoin crash under $100,000.
Forbes Digital Assets
Alongside the Trump administration’s embrace of bitcoin and crypto, Wall Street has been piling into bitcoin via crypto spot exchange-traded funds (ETFs) since they were given the green light by regulators in early 2024.
Led by the world’s largest asset manager BlackRock, bitcoin ETFs have bought up 1.5 million bitcoin worth $160 billion—just over 7% of bitcoin’s 21 million bitcoins—though Wall Street’s demand for bitcoin ETFs has failed to prevent the bitcoin price collapse from its all-time highs.
“Unless ETF inflows or other marginal buyers step in with sufficient spot demand to absorb this distribution, there remains a tangible risk of bitcoin retesting the $106,000 – $107,000 support zone and, if lost, potentially extending toward the $100,000 region or lower over the coming weeks,” analysts with the Bitfinex crypto exchange said in emailed comments.