Bitcoin has always been a capricious creature. 2026 made him a mythological monster. From the summit of 126 thousand dollars of October 2025, it fell to approx 69 thousandleaving behind a bitter aroma of disappointment and cold coffee. Who thought it was the safe haven of the future,digital gold able to weather any economic storm, he found he had the emotional balance of a tarantula.
The worst start to the year in its history: a vertical fall that made the stock markets’ recent acrobatics look like a walk in the park. Explosions of bombs and missiles in Middle East they seemed like they could become the soundtrack for a new round of waltzes. Instead nothing happened. A simple thrill after the chills of February. Bitcoin had dropped to 60 thousand dollars before recovering. A tightrope walker trying to walk on a tightrope between skyscrapers, while the markets watched with bated breath.
Fed, Trump and the Warsh effect on the markets
The reason? There American monetary policy and the long shadow of Kevin Warshnominated for the Fed by Donald Trump. Warsh, perceived as less accommodating than expected, sent shudders through speculative assets, who suddenly felt like students facing a strict headmaster.
The world remembered that the volatility it is not an exception, but the very backbone of bitcoin. An asset that makes you laugh, cry and sweat at the same time. Too unstable to actually think about retiring the dollar.
Useless as a means of payment, except for some eccentric genius like Elon Musk: had announced that it would accept crypto as payment for Teslas. Except to backtrack immediately afterwards. He realized that bitcoin and the rest of the family lack the fundamental requirement of a currency: it is not a store of value.
The great traumas of the history of cryptocurrencies
To understand, just rewind the memory tape. It is immediately clear that bitcoin’s past is made up of epic collapses and financial soap opera dramas.
The crisis of the system Earth/Moonwhich exploded in May 2022, has pulverized 60 billion dollars in a few days. The algorithm behind Luna, designed to be perfect and infallible, instead turned out to be as fragile as a soufflé left in the oven for too long. The lesson was clear: even mathematics can have a fragile heart.
A few months later, FTX added a Shakespearean character to the saga. An Iago of the third millennium. Sam Bankman Friedthe platform’s founder and CEO, handled client funds as if they were candy in a jar, lending them to his sister company and turning every transaction into a small-time crime drama. The collapse was swift and total, dragging other companies into the abyss and landing SBF with one in prison sentenced to 25 years.
The new political course of cryptocurrencies
The crypto world has thus learned the lesson: trusting is good, trusting too much is a tragedy. A betrayal worthy of the character Iago considering that his competence and correctness were considered so crystalline as to deserve him a consultancy with the SEC.
And then there is Donald Trump. Once a fierce critic of cryptocurrency, today he is the first “crypto president” of the United States. With an executive order he created the Bitcoin strategic reserveencouraged national mining and turned his every tweet into a financial marketing nugget.
The Trump family has become the protagonist of the market, with the memecoin issued after the election. A not exactly lucky investment for those who had bet on it. Same goes for Melania. And it doesn’t end here. The son Eric TrumpIn fact, he dreams that bitcoin will reach the price of a million dollars as the consecration of the new digital paradise.
The billion-dollar bets of companies
Traders observe, a little incredulous, fearing a strange cross between Wall StreetHogwarts and an economic strategy video game.
The platforms are not sitting idly by. Strategy (formerly MicroStrategy) buy bitcoin like a compulsive alcoholic buys bottles of whiskey on offer, accumulating hundreds of thousands of tokens with an average cost of $76,027 each. Today, with the price around 69 thousand dollarsrecord paper losses of billions. But they do it with the same indifference with which a collector looks at a modern canvas that no one understands.
Other companies, such as Japanese Metaplanethave seen huge sums of money evaporate, turning their accounts into accounting ghosts.
The permanent thriller of cryptocurrencies
Yet, there is something poetic in all this. Bitcoin is like this, and those who love it know that the volatility It’s not a problem, but the spice of the game.
The current crisis is not the result of chance, but of a perfect combination of factors: geopolitical tensions, trade duties, outflows from ETFs and the general one investors’ risk aversion they have emptied liquidity, making the cryptocurrency a trapeze artist without a net.
The regulatory rules, then, oscillate between protection and confusion: while the Genius Act in the United States and MiCA in Europe they try to bring order, uncertainty reigns supreme and reminds one of those philosophical lessons that no one really wants to learn.
A game worth billions between risk and entertainment
And so the instrument continues its dance between collapses and rebounds, between excellent arrests, algorithmic crashes, tariffs and Trumpian policies. Optimists still see possibilities for rebounds up to 150 thousand dollarswhile the prudent suggest considering it a bet on liquidity, ready to suffer if the global world falters.
But for those observing the scene from the outside, the real spectacle is something else. It’s the thriller, made up of traders sweating in front of green and red graphsof politicians who talk about crypto superpowersof algorithms that fail with almost poetic elegance, and of CEOs who lose billions like someone who loses a sock in the washing machine.
And while all this is happening, there are surreal images that are worth more than a thousand technical analyses: a digital cat walking on the blockchain, a trader dreaming of flying over the servers of FTX to save customers’ money, and Trump who, between one tweet and another, imagines handing the US flag to a bitcoin miner.
It’s a world where logic often gives way to creative chaos, where the risk becomes art and where surprises never fail. In the end, as the old stock market wolves in difficulty with algorithms say: «Reading bitcoin is like reading the clouds. Except, in this case, the clouds are green and red and worth billions of dollars».
And perhaps this is precisely the meaning of cryptocurrencies: the thrill of riskthethrill of speculation and the knowledge that every day can be a tragedy or a farce, depending on where you are positioned in relation to the graph.
