• Rapid losses wipe out a year’s gains

• Implications add uncertainty to the scene

Bitcoin continued its sharp decline, erasing the gains it had made since U.S. President Donald Trump’s re-election.

The world’s most popular digital currency fell below $71,000, adding new losses to a week that erased all the increases recorded after the U.S. elections, a move that sparked questions and criticism across social media.

Bitcoin dropped more than 7% on Thursday, continuing a strong downward trend that began in mid-January, trading around $70,900 as of 04:30 GMT.

The recent decline brought the value of the digital asset down about 20% since the start of the year, despite the currency having first reached $100,000 in December 2024 and breaking that level again in February and May 2025. However, the overall trend has been downward since October, when it hit a historical peak of over $127,000.

The significant gains that Bitcoin and other cryptocurrencies recorded after Trump’s re-election came amid rising expectations that Washington would adopt a more flexible regulatory approach to digital assets after years of strict oversight.

During his campaign, Trump pledged to turn the U.S. into a global cryptocurrency hub and launched a private company in the field, World Liberty Financial, with his sons before winning the election.

Shortly after taking office, Trump announced the creation of a strategic crypto reserve that would include Bitcoin and four other digital currencies. However, a Trump-backed bill to regulate cryptocurrency trading stalled in the U.S. Senate due to disagreements between banks and crypto firms, casting a shadow of uncertainty over the sector.