Bitcoin, the world’s largest cryptocurrency, extended its price decline on Thursday, trading below $70,000 for the first time since Donald Trump’s presidential election win in November 2024.
The digital currency fell to as low as $69,821.18 before recovering slightly above the $70,000 mark.
The cryptocurrency has experienced a sharp pullback in recent weeks as investors retreat from risky assets, following its record high of over $126,000 in October 2025.
“Bitcoin continues to suffer… caught up in the broader risk-off mood and geopolitical turmoil that has pushed investors away from riskier assets towards safe havens,” said Victoria Scholar, head of investment at Interactive Investor.
Bitcoin had surged after Trump’s election, as he was widely perceived as a strong supporter of the sector. The former president publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.
However, the cryptocurrency suffered a sharp setback in April 2025, dropping below $75,000 after Trump announced sweeping US tariffs, which rattled global markets. It later rebounded to reach a record high of $126,251.31 six months later.
The latest downturn is being driven largely by regulatory uncertainty. While the US Congress passed a law in July to regulate stablecoins, a type of cryptocurrency backed by traditional assets, a broader crypto bill—the Clarity Act—has stalled in the Senate.
Bitcoin’s decline has also been influenced by Trump’s recent nomination of former Federal Reserve governor Kevin Warsh as head of the US central bank. Warsh, regarded as a defender of the Fed’s independence, reassured traditional markets, prompting investors to sell safe-haven assets such as gold and silver, whose prices plunged. Many also liquidated cryptocurrencies and other risky assets to raise cash.
Trump’s close ties to the crypto sector have sparked accusations of conflicts of interest, as he has promoted his own cryptocurrency ventures since returning to office. Bloomberg estimates indicate that his family’s fortune grew by $1.4 billion last year from digital assets alone.
Just hours before his inauguration in January 2025, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP, which slumped after a blockbuster debut.
