Bitcoin drops below $70,000 for first time since Trump’s 2024 election amid geopolitical and regulatory concerns

Bitcoin, the world’s largest cryptocurrency, extended its slump on Thursday, trading below **$70,000** for the first time since former US President Donald Trump’s election in November 2024.

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The digital currency dropped to as low as $69,821.18 before briefly climbing back above the $70,000 mark. The recent sell-off comes as investors continue to pull back from riskier assets, reversing gains made over the past year.

Bitcoin had previously soared to a record high above $126,000 in October 2025. Analysts attribute the latest downturn to regulatory uncertainty and broader risk-off market sentiment.

“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.

The cryptocurrency saw a surge following Trump’s 2024 election victory, as he was widely perceived as a strong supporter of the sector. Trump celebrated Bitcoin crossing $100,000 in December 2024. However, a setback occurred in April 2025 after the president announced sweeping US tariffs, rattling global markets.

Regulatory developments have also impacted market confidence. While the US Congress passed legislation in July 2025 to regulate stablecoins — digital assets backed by traditional currencies — the broader Clarity Act, which aims to regulate the cryptocurrency sector, remains stalled in the Senate.

Bitcoin’s decline was compounded by Trump’s nomination of former Federal Reserve governor Kevin Warsh to head the US central bank.

Warsh’s assurances of Fed independence prompted investors to reduce exposure to cryptocurrencies and other risk assets, while cashing out on safe-haven metals such as gold and silver.

Trump’s close ties to the cryptocurrency sector have drawn scrutiny over potential conflicts of interest.

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Since returning to office, he has promoted his own digital asset ventures, including launching the $TRUMP cryptocurrency in January 2025, which fell sharply after its initial debut. Bloomberg estimates suggest the Trump family earned $1.4 billion from digital assets last year alone.