Bitcoin price suffers major setback, drops to $70,000

The price of Bitcoin, the world's most popular cryptocurrency, has fallen below $71,000. The price increase that Bitcoin received after Donald Trump won the 2024 election has fallen below its level in a week of consecutive declines.

On Thursday (February 5), the price of Bitcoin fell by more than 7 percent in a single day. This decline, which began in mid-January, is still ongoing. At 4:30 am GMT, the price of Bitcoin was trading at around $70,900.

As a result of this recent fall, the price of Bitcoin has fallen by about 20 percent since the beginning of this year.

Earlier, in December 2024, each Bitcoin touched the milestone of $100,000 for the first time. Later, it also crossed that price in February and May 2025. However, after reaching an all-time high of more than $127,000 in October, this digital asset began to decline.

After Trump's re-election, the price of bitcoin and other digital currencies rose rapidly on hopes that the United States would ease regulations on cryptocurrencies. During his election campaign, Trump promised to make the United States the "cryptocurrency capital of the world." He also launched a crypto company called "World Liberty Financial" with his sons before the election.

After coming to power, Trump announced the creation of a strategic crypto reserve, which will include bitcoin and four other cryptocurrencies.

However, a Trump-backed bill to regulate cryptocurrency transactions is stuck in the US Senate. The bill has not been passed due to disagreements between banks and crypto companies, creating uncertainty about the future of the sector.

Meanwhile, Democratic lawmaker Ro Khanna said on Wednesday that he would investigate Trump's crypto company, World Liberty Financial. A Wall Street Journal report said that representatives of an Abu Dhabi official have signed a $500 million deal to buy a 49 percent stake in the company.

Along with Bitcoin, global stock and commodity markets also saw declines on Thursday. Silver prices fell as much as 16 percent at one point. At the same time, Hong Kong's main stock index fell about 1.3 percent and Japan's index fell 0.7 percent.

Source: Al Jazeera