Bitcoin, the world’s largest cryptocurrency, fell below $70,000 on Thursday, marking its lowest level since Donald Trump’s election victory in November 2024, amid investor caution and ongoing regulatory uncertainty.
The digital asset dipped as low as US$69,821.18 before recovering slightly above US$70,000 in volatile trading. Bitcoin’s decline follows a period of sharp gains, after reaching a record high of US$126,251 in October 2025. Analysts said the cryptocurrency has been hit by a combination of geopolitical tensions, market risk-off sentiment, and regulatory pressures.
“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 surged in the aftermath of Trump’s election, boosted by the former president’s strong support for cryptocurrencies. He celebrated Bitcoin surpassing $100,000 for the first time in December 2024, and his pro-crypto stance helped drive investor confidence. However, the currency suffered a sharp correction in April 2025, falling below $75,000 after Trump announced sweeping US tariffs that rattled global markets.
The recent downturn has been compounded by regulatory uncertainty. While US Congress passed a law in July 2025 to regulate stablecoins, broader legislation the so-called Clarity Act has stalled in the Senate, leaving the market without clear rules for mainstream crypto adoption.
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Market observers also pointed to Trump’s nomination of former Federal Reserve governor Kevin Warsh to head the central bank as a contributing factor. Warsh, viewed as a defender of Fed independence, reassured traditional financial markets, prompting investors to sell off perceived safe-haven assets, including gold, silver, and cryptocurrencies, to raise liquidity.
Cryptocurrency investors have also expressed concern about potential conflicts of interest linked to Trump’s close ties to the sector. The former president has promoted several crypto-related ventures and launched his own digital currency, $TRUMP, just hours before his January 2025 inauguration. The coin saw a strong debut but quickly slumped, illustrating the volatility of crypto linked to political personalities.
Bloomberg estimates suggest that Trump’s family gained $1.4 billion from digital assets in 2025 alone, a figure that has fueled further scrutiny of the president’s cryptocurrency activities.
Despite its recent fall, Bitcoin remains a major focus for institutional and retail investors. Analysts noted that while the cryptocurrency’s price swings are significant, adoption and network activity continue to expand globally.
“The market remains highly speculative and sensitive to policy shifts, political developments, and macroeconomic factors,” said Scholar. “Investors should expect continued volatility in the near term.”
The cryptocurrency market has been characterized by extreme swings over the past year. After the initial post-election surge, Bitcoin’s value soared to record highs, before experiencing sharp corrections in response to geopolitical and regulatory developments.
As Bitcoin reacts to both domestic US policy and broader global sentiment, analysts say that the digital currency may continue to fluctuate significantly in 2026. The combination of political influence, regulatory ambiguity, and speculative trading means investors face ongoing uncertainty.
While some remain bullish on Bitcoin’s long-term potential as a digital store of value, the recent slump below $70,000 highlights the challenges facing cryptocurrencies in an era of heightened scrutiny and evolving market conditions.
