The world’s most popular cryptocurrency has fallen nearly 20 percent in value since the start of 2026.
Bitcoin slid below $71,000 on Thursday, deepening a week of losses that have wiped out all gains recorded since US President Donald Trump’s re-election in 2024. The digital asset fell more than 7 percent on the day, extending a sharp decline that began in mid-January.
As of 04:30 GMT, Bitcoin was trading around $70,900. The latest drop leaves the cryptocurrency down almost 20 percent year-to-date. Bitcoin first reached $100,000 in December 2024 and topped that level again in February and May 2025, but it has trended mostly lower since an October peak above $127,000.
Prices surged after Trump’s re-election amid expectations his administration would ease regulatory pressure on digital assets. During his campaign, Trump pledged to make the US a global cryptocurrency hub and launched a crypto venture, World Liberty Financial, with his sons prior to winning the presidency. Early in his term he also announced plans for a strategic crypto reserve that would include Bitcoin and four other tokens.
However, momentum has stalled: a Trump-backed bill to regulate crypto trading is languishing in the US Senate amid disagreements between banks and crypto firms, clouding the industry’s outlook. US Representative Ro Khanna said he would probe World Liberty Financial after The Wall Street Journal reported that representatives of an Abu Dhabi official signed a $500 million deal to acquire a 49 percent stake in Trump’s fledgling crypto firm.
Markets beyond crypto also weakened on Thursday. Silver plunged as much as 16 percent, while benchmark stock indexes in Hong Kong and Japan fell about 1.3 percent and 0.7 percent, respectively.