Bitcoin Slumps Below $70,000 Since Trump's Election Victory, Regulatory Uncertainties Impact Market

Bitcoin's price fell below $70,000 for the first time since Donald Trump's election victory in November 2024, reaching a low of $69,821.18 before recovering. The drop is linked to investors pulling back from risky assets amid geopolitical turmoil, pushing them towards safe-haven assets like gold and silver.

Regulatory uncertainties, including the stalling of a crypto bill in the US Senate, have contributed to the market's volatility. Trump's recent nomination of Kevin Warsh, who is perceived to be supportive of traditional markets, has also influenced investor sentiment.

Bloomberg estimates that Trump's family's fortune grew by $1.4 billion last year, partly due to investments in digital assets, with Trump himself launching his own cryptocurrency shortly after his inauguration in January 2025.