LONDON: Bitcoin, the world&#39;s biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 for the first time since Donald Trump&#39;s presidential election victory in November 2024.&nbsp;The digital currency dropped as low as $69,821.18 before climbing back above $70,000.&nbsp;Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets. It had reached a record high above $126,000 in October.&nbsp;&quot;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,&quot; noted Victoria Scholar, head of investment at Interactive Investor.&nbsp;The volatile cryptocurrency soared after Trump was elected as he was widely viewed as a strong supporter of the sector.&nbsp;He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.&nbsp;However it suffered a sharp setback in April last year, falling below $75,000 after the president&#39;s announcement of sweeping US tariffs rattled global markets.&nbsp;It went on to reach a record-high of $126,251.31 six months later.&nbsp;The latest downturn is driven largely by regulatory uncertainty.&nbsp;While the US Congress passed a law in July to regulate stablecoins -- a form of cryptocurrency backed by traditional assets -- a broader crypto bill, the Clarity Act, has stalled in the Senate.&nbsp;Bitcoin&#39;s has been hit also by Trump recently nominating former Federal Reserve governor Kevin Warsh to head of the US central bank.&nbsp;Warsh, seen by observers as a defender of the Fed&#39;s independence, reassured traditional markets, prompting investors to sell safe-haven assets such as gold and silver, whose prices plunged.&nbsp;Many investors rushed also to sell cryptocurrencies and other risky assets to help raise cash.&nbsp;Trump&#39;s close ties to the crypto sector have sparked accusations of conflicts of interest, as he has promoted his own cryptocurrency-related ventures since returning to office.&nbsp;According to recent Bloomberg estimates, his family&#39;s fortune grew by $1.4 billion last year from digital assets alone.&nbsp;Just hours before his inauguration in January 2025, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP, which slumped after a blockbuster debut.

Crypto

Bitcoin fell below $70,000 for the first time since November 2024 as investors sold risky assets amid market and regulatory uncertainty.

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Bitcoin under $70,000 for first time since Trump's election

Bitcoin under $70,000 for first time since Trump's election