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Bitcoin, the world’s largest cryptocurrency, fell below $70,000 on Thursday, marking the first time it has traded at this level since Donald Trump’s election in November 2024.
The digital asset dipped as low as $69,821.18 before recovering slightly above the $70,000 mark.
The cryptocurrency has faced a sharp decline in recent weeks as investors retreat from risky assets. Bitcoin had previously surged to an all-time high of $126,251.31 in October 2025.
The digital currency initially gained momentum after Trump’s election, as he was widely seen as a pro-crypto leader.
In December 2024, he publicly celebrated Bitcoin’s first time surpassing $100,000. However, the market suffered a setback in April last year when the president announced sweeping US tariffs, sending Bitcoin below $75,000.
The current downturn is largely driven by regulatory uncertainty. While the US Congress passed legislation in July to regulate stablecoins, cryptocurrencies backed by traditional assets, a broader crypto bill, the Clarity Act, has stalled in the Senate.
Bitcoin’s decline was also reportedly influenced by Trump’s recent nomination of former Federal Reserve governor Kevin Warsh as head of the US Central Bank.
Trump’s close ties to the crypto industry have raised conflict-of-interest concerns. Reports suggest the former president’s family fortune increased by $1.4 billion last year from digital assets alone.
