Bitcoin falls to three-month low as last bastion of Trump deal collapses

A fortnight ago, investors began to notice that the so-called Trump trade was all but dead in 2025, according to institutional analyses. Now, the price of the last successful Trump trade, bitcoin, has fallen to its lowest in three months and is headed for its worst performance since the 5 August crash. Tariffs and agenda items that slow the economy, such as the Department of Government Efficiency, are likely to be to blame, which should push U.S. bonds higher but pose headwinds for risky assets such as Bitcoin.