Bitcoin plunge continues, erasing gains since Trump's election

"The world's most popular cryptocurrency has fallen nearly 20 percent in value since the start of 2026. Bitcoin has dropped below $71,000, adding to a week of losses that have wiped out all of its gains since United States President Donald Trump's re-election in 2024. The world's most popular cryptocurrency fell more than 7 percent on Thursday, continuing a steep downward slide that began in mid-January."

"Bitcoin, which is famed for its wild price swings, was trading at about $70,900 as of 04:30 GMT. The latest slide takes the value of the digital asset down by nearly 20 percent since the start of the year. Bitcoin hit $100,000 for the first time in December 2024 and breached that level again in February and May 2025. But the asset has largely been on a downward trajectory since October, when it hit an all-time high of more than $127,000."

"Bitcoin and other digital currencies racked up explosive gains after President Trump's re-election raised expectations of Washington adopting a light touch to regulating digital assets after years of regulatory crackdowns. Trump had pledged to turn the US into the world's cryptocurrency capital during his re-election campaign, and launched his own crypto firm, World Liberty Financial, along with his sons, before winning the vote. Shortly after taking office, Trump announced the establishment of a strategic crypto reserve that would include Bitcoin and four other cryptocurrencies."

Bitcoin has dropped below $71,000, falling nearly 20 percent since the start of 2026 and erasing gains achieved after the 2024 US presidential election. The cryptocurrency fell more than 7 percent on Thursday, continuing a slide that began in mid-January, and traded around $70,900 as of 04:30 GMT. Bitcoin reached $100,000 in December 2024 and again in February and May 2025, and peaked above $127,000 in October before trending downward. Prices surged after expectations of lighter US regulation following President Trump's re-election, amid his launch of World Liberty Financial and plans for a strategic crypto reserve. A Trump-backed regulatory bill has stalled in the Senate, and investigators are probing a reported $500m Abu Dhabi investment in the crypto venture. Equities and commodities also recorded losses.

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