Bitcoin loses all gains since Trump’s election
Bitcoin fell below $70,000, erasing all gains made since President Trump's election, as investor concerns grew over diminishing expectations for Federal Reserve rate cuts.
- Economy
- Anadolu Agency
- Published Date: 04:54 | 05 February 2026
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.
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