Politics gave the trades a push. The laws of speculation pulled them back down. Even with a friend in the White House, these trades couldn’t escape crypto’s core pattern: prices rise, leverage floods in, and liquidity dries up. Bitcoin, still the bellwether, is on track for an annual loss after slumping from its October peak. For Trump-linked assets, politics offered momentum, but no protection.Each debut sparked a rally. Each proved ephemeral. As of Dec. 23, Trump’s memecoin was floundering, off more than ...