Bitcoin falls below $70,000, hits lowest level since Trump took office

Bitcoin, the world’s largest cryptocurrency, has dipped below the $70,000 level, marking the lowest since the United States President Donald Trump took office.

The virtual currency fell by 3.8 percent, reaching $69,858, its weakest level since November 2024, when Trump won the presidential election. The U.S. president, at that time, signalled to support crypto during his campaign.

Another major cryptocurrency, Ether, has fallen nearly 30 percent this year, while Bitcoin has fallen by nearly 8 percent in one week.

Analysts say the current dip was triggered by Trump’s announcement that he would appoint Kevin M. Warsh as the next Federal Reserve Chair, replacing the current Chair Jerome Powell, whose term is set to end in May 2026.

Warsh is expected to cut interest rates and shrink the Fed’s balance sheet, whereas Cryptocurrencies typically benefit from looser monetary conditions and larger Fed balance sheets.

Manuel Villegas Franceschi, from the next generation research team at Julius Baer, said, “The market fears he may adopt a hawkish stance. A smaller balance sheet is not going to provide any tailwinds for crypto.”

Bitcoin’s recent decline has wiped out nearly $1.9 trillion in market value since October 2025, with more than $800 billion getting wiped out last month alone.