Overview
- Markets cycled through bold wagers and sharp reversals across 2025, with wins turning to losses as conditions shifted.
- Trump’s return jolted global sentiment, lifted European defense shares, and encouraged aggressive risk-taking.
- By Dec. 23, Trump’s memecoin was down more than 80% from its January peak, Melania Trump’s token had fallen nearly 99% according to CoinGecko, and American Bitcoin had dropped about 80% from its September high.
- Bitcoin slid from its October peak and was on track for a yearly decline, underscoring fragility across crypto.
- Investors head into 2026 wary of crowded trades, stretched valuations, and shaky balance sheets after a year of leverage-driven swings.