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Bitcoin sank below $70,000 on Thursday for the first time since November 2024, wiping out all of the gains it had made since Donald Trump was elected to his second term as US president.
The world’s biggest cryptocurrency dropped 7 per cent to just above $68,100 as digital tokens were swept up in a sell-off in tech stocks. Bitcoin has lost more than a fifth of its dollar value this year.
“Sentiment has deteriorated sharply,” said Jasper De Maere, a strategist at trading firm Wintermute. “The crypto market still feels tired as we see little appetite from anyone to step in convincingly at these levels.”
The price of ether, the second largest coin, fell 6 per cent to just under $2,000, taking its decline this year to 33 per cent
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