Bitcoin drops below $70,000 for the first time since Donald Trump’s election

The price of bitcoin fell below $70,000 (around 59,000 euros) on Thursday, for the first time since the election in November 2024 of Donald Trump, which propelled the cryptocurrency sector.

After briefly posting at $69,821.18, bitcoin lost 3.07%, to $70,398, around 11:40 GMT (12:40 p.m. Paris time), continuing its fall linked to an aversion to assets deemed risky.

Digital currencies took off after the election of Donald Trump, seen as a great promoter of the sector. A month later, bitcoin, the most capitalized of cryptocurrencies, had even crossed the threshold of 100,000 dollars for the first time, a record which the political leader had publicly welcomed.

Political uncertainties

Proving its reputation as an extremely volatile asset, bitcoin then resumed its progression, reaching a record at $126,251.31 in early October, before experiencing a relapse.

In recent days, bitcoin has suffered heavily from a bearish climate on several markets, notably technology stocks and even precious metals, usually used as safe havens.

Furthermore, cryptocurrency has also suffered from persistent regulatory uncertainties regarding the examination of a text on cryptocurrencies in the United States, the CLARITY Act, which is slipping before the Senate. “The expected progress regarding this law has not been there,” estimates James Butterfill, analyst for CoinShares, which constitutes a “brake” for the price of cryptocurrencies.