Bitcoin loses all gains since Trump’s election

MOSCOW

The world’s largest cryptocurrency, Bitcoin, wiped out all of the gains it made since US President Donald Trump’s election win and his taking office, and fell below $70,000 on Thursday with the declining expectations of rate cuts by the Fed.

The global crypto market shrank 8% in 24 hours to $2.37 trillion, according to analysis firm Coinmarketcap.

Bitcoin also fell around 8.5% at the same time, trading at $69,254.93 as of 1322GMT.

Trump was elected Nov. 5, 2024, and the pro-crypto president’s election led Bitcoin to rise from $68,000 to more than $100,000 by Dec. 17, 2024.

Bitcoin, on Thursday, thus wiped all it gained from Trump’s election, data showed.

Meanwhile, Ethereum, the world’s second-largest cryptocurrency, fell 7.7% to $2,050.9 as of 1324 GMT.

Analysts said concerns about interest rates, uncertainties about the global economy, the liquidation of leveraged positions and profit-taking have prompted investors to shift from crypto markets.

*Writing by Emir Yildirim in Istanbul