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