The cryptocurrency has lost nearly 40% of its value since the US president assumed office last January
Bitcoin has plummeted to below $63,000 on Thursday, wiping out all gains that the token made since the self-proclaimed crypto-friendly US President Donald Trump stepped into office last year.
The cryptocurrency fell as much as 14% over the course of the day to $62,576, its lowest price since September 2024.
The nosedive erased nearly half of the token’s value since its all-time record of more than $120,000 last October, which was widely attributed to Trump’s policy and promises to establish the US as the “crypto-capital of the world.”
Recent geopolitical tensions have made investors more hesitant and risk-averse, sending crypto markets crashing, according to Bloomberg.
“As Bitcoin continues its slide below the psychological barrier of $70,000, it’s clear the crypto market is now in full capitulation mode,” the Investing.com portal cited Coin Bureau founder Nic Puckrin as saying on Thursday. “If previous cycles are anything to go by, this is no longer a short-term correction, but rather a transition… and these typically take months, not weeks.”
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Smaller cryptocurrencies followed the Bitcoin plunge, with coins like Ethereum, BNB and Solana falling more than 13% over the course of the day.
The total crypto market capitalization has fallen around 12% to $2.18 trillion, according to CoinMarketCap data.
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