Bitcoin, the world’s biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 (R1.13m) for the first time sinceDonald Trump’s presidential election victory in November 2024. The digital currency dropped as low as $69,821.18 before climbing back above $70,000. Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets.
It had reached a record high above $126,000 (R2m) in October. “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,” noted Victoria Scholar, head of investment at Interactive Investor.
The volatile cryptocurrencysoared after Trump was electedas he was widely viewed as a strong supporter of the sector. He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024. However it suffered a sharp setback in April last year, falling below $75,000 after the president’s announcement of sweeping US tariffs rattled global markets.
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It went on to reach a record-high of $126,251.31 six months later. 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.
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