After Trump got elected, there was huge rally in the Bitcoin prices, but suddenly now Bitcoin looks like it will have its worst month since back in 2022. This kind of drop is somewhat normal now during the holidays; many retail traders get excited about crypto most of the year, but when Thanksgiving arrives, lots of them need to explain why everything has crashed.

This year is feeling the same. Bitcoin dropped from an October high of beyond $126,000 to maybe about $88,000. Ether also fell almost 40 percent since August. Investors are losing faith because two popular reasons for optimism — strong rate cuts by the Fed and a lot more institutional involvement — are not happening. People withdrew over $3.5 billion out of U.S. Bitcoin ETFs, so the mood swapped quickly.

People who hold Bitcoin are waiting for family to ask questions. The Michael Smith, who has been invested for an long time and is driving to Pittsburgh for Thanksgiving, says the first thing the family of him asks will be, “Why are you still in this?” Even experienced people cannot always give exact answers.

Others, like Zach Lonergan from Austin, do not get bothered. Almost all his money is in a Bitcoin; he prepares to stand up for it while managing his kids and making the food.

Some traders imagine crashes still coming. Kyle Figs on YouTube mentions Bitcoin may go to $65,000, saying Thanksgiving has caused cycle tops, with hype bringing in new buyers right before falls start.

For Chelsea Von Schneden, who makes digital content, it gets stressful. “EveEveryone checks their phones, sees prices flat or down from two years ago… and looks straight at you.”

May your candles be forever green. See ya tomorrow

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