FT News Briefing Crypto’s 2025 U-turn
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Nov 18, 2025 
George Steer, U.S. markets correspondent, discusses the recent downturn in the cryptocurrency market where Bitcoin has lost significant ground. He warns of impacts from tariff threats and regulatory shifts. Alison Killing, an investigative reporter, dives into the ambitious yet precarious Neom project in Saudi Arabia, highlighting its staggering costs and feasibility issues. She reveals why the futuristic megastructure may take decades to complete, largely due to material needs and investor hesitancy.
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Speculative Crypto Rally Reversed
- Crypto's 2024 rally reversed after geopolitical tariff threats and Fed skepticism, triggering rapid profit-taking.
- George Steer says speculative mid-tier tokens suffered the largest losses as traders fled riskier assets.
Regulatory Vibes Drove Earlier Gains
- Regulatory optimism under the Trump administration helped fuel earlier crypto gains via lighter enforcement.
- George Steer notes the Genius Act and rollback of SEC measures supported speculative demand this year.
AI Stock Jitters Spilled Into Crypto
- Broader equity jitters around high-valuation AI names spilled into crypto as investors trimmed speculative bets.
- George Steer links small crypto tokens' falls to reallocation from tech and AI uncertainty.