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.”
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