Bitcoin fell below $61,000, marking a decline that has erased all gains since Donald Trump's election. The cryptocurrency dropped as much as 4.8% to $60,033, reaching its lowest value since October 2024 amid increased market turbulence and unwinding of leveraged bets.

Wall Street is experiencing instability due to the unwinding of the Japanese Yen carry trade. Cryptocurrencies have lost 40% of their value, and silver has dropped 40%, a decline not seen since 1980.

UC-Berkeley’s Nicholas Weaver argues that cryptocurrency is fundamentally flawed and predicts it will lead to disaster. Recent market events have illustrated significant risks, as the cryptocurrency sector experienced a substantial sell-off.

Y Combinator will allow its spring cohort of entrepreneurs to receive funding in stablecoins, specifically Circle-issued USDC. Founders can choose to receive their customary allotment of around $500,000 on various blockchains.