New York, February 23 (NA) -- Bitcoin felt the impact of the uncertainty created by tariffs, breaking the $65,000 mark for the second time this month. It is recording the gains accumulated since Donald Trump assumed the Presidency of the United States in November 2024. Expectations surrounding a second administration more favorable to cryptocurrencies pushed Bitcoin to a record high above $126,000 last October, verified by the Argentine News Agency. The crypto market in general lost more than $2 trillion in value, with smaller tokens being the hardest hit. A historical debate within the ecosystem reignited: has the bull run ended, or are we in a pause before a new leap? Every major drop in the past—from 2018 to the 2022 bear market—was accompanied by forecasts of a definitive crisis that later gave way to new highs. Global Regulation However, specialists warn that the current scenario has a key difference: the market is no longer driven solely by retail speculation, but by global regulation and unprecedented institutional adoption. In this sense, Bitcoin's value falling by almost 47%, dropping from a historic record of $126,000 in October 2025 to its current approximate value of $67,000, raises new questions. The exchange Notbank by Cryptomarket states that so-called deleveraging cycles are historically a natural part of the crypto market. This causes high volatility but also serves to purge speculative excesses and build a more solid foundation for the future. Structural Change However, it is also noted that the ecosystem surrounding Bitcoin has changed structurally. Unlike other historical downturns, the current decline occurs in a context where cryptocurrencies have ceased to operate in a gray area to move towards clearer regulatory frameworks. Europe began implementing the MiCA regulation, while the approval of spot Bitcoin ETFs in the United States marked a before and after in the legitimization of the asset for traditional investors. For some analysts, this shift could be changing the very nature of crypto cycles. It would no longer be just about euphoria and abrupt corrections, but a maturation process that tends to generate higher price 'floors' than in the past. Academic Eswar Prasad, author of The Future of Money, argues that regulation can bring stability and long-term confidence, a factor that is beginning to weigh as heavily as technological innovation within the ecosystem. Historically, Bitcoin has gone through phases of explosive growth followed by deep falls. But the growing institutional participation could be cushioning these extreme dynamics. Crypto Dollar In Argentina, where terms like 'crypto dollar price', 'stablecoins', or 'Bitcoin today' dominate Google searches, the discussion goes beyond speculation: it directly relates to value preservation and savings diversification. María Fernanda Juppet, CEO of Notbank by CryptoMKT, ensures that the current context marks a transition: 'For years, the ecosystem moved between freedom and uncertainty. Today, with clearer rules and institutional players, drops begin to be seen as part of a maturing market, not necessarily as signals of collapse.' The entry of institutional funds, regulated products, and new infrastructure could be redefining the historical price behavior. This does not eliminate the risks. Bitcoin remains a highly volatile asset with no guaranteed returns.
