Bitcoin, the world’s largest cryptocurrency, fell below $70,000 on Thursday for the first time since Donald Trump’s presidential election victory in November 2024. The digital currency dropped as low as $69,821.18 before bouncing back slightly above $70,000.
The cryptocurrency has experienced steep declines in recent weeks as investors retreat from riskier assets. Bitcoin had surged to a record high above $126,000 in October 2025, fueled in part by Trump’s public support for the sector.
“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.
After Trump’s election, Bitcoin soared, with the president celebrating its first-ever $100,000 milestone in December 2024. However, the cryptocurrency faced setbacks in April when Trump’s announcement of sweeping US tariffs rattled global markets, sending prices below $75,000. It later reached a record $126,251.31 six months later.
The current slump is largely driven by regulatory uncertainty. While Congress passed legislation in July to regulate stablecoins, a broader crypto bill, the Clarity Act, remains stalled in the Senate.
Trump’s recent nomination of former Federal Reserve governor Kevin Warsh to head the US central bank has also unsettled the market. Warsh’s reputation as a defender of Fed independence reassured traditional markets, prompting investors to sell safe-haven assets like gold and silver and, in turn, cryptocurrencies and other risky assets.
The former president’s close ties to the crypto sector have drawn accusations of conflicts of interest. Since returning to office, Trump has actively promoted his own cryptocurrency ventures. Bloomberg estimates suggest the Trump family’s fortune grew by $1.4 billion in 2025 from digital assets alone.
Just hours before his January 2025 inauguration, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP, which suffered a slump following its initial blockbuster debut.
