Trump’s Crypto Boom Fizzles in Punishing Year for Retail Traders

Joaquin Morales didn’t think Bitcoin would keep dropping.

The largest cryptocurrency had just hit a record high of $126,000 for the first time ever, the sort of move enthusiasts had been banking on after President Donald Trump’s reelection. For months, analysts had been predicting a bull run lasting for years, fueled by an administration that championed digital assets.

That’s why the 21-year-old decided to buy the dip when Bitcoin’s price moved lower in early fall. A few days later, when it fell again, he snapped up more. And then even more during the next drop. But the token just kept spiraling down.

“I caught ...