The leading digital currency has plummeted more than 7% on Thursday, falling beneath the $71,000 threshold and continuing a sharp downturn that started in mid-January. Since January 2026 began, Bitcoin’s worth has dropped approximately 20%.
As of early Thursday morning GMT, the cryptocurrency was valued around $70,900. This represents a complete reversal of the increases seen following Donald Trump’s 2024 presidential victory.
Bitcoin first reached the $100,000 milestone in December 2024 and crossed that mark again during February and May 2025. However, the digital asset has been mostly declining since reaching a record high exceeding $127,000 in October.
The cryptocurrency sector experienced substantial growth following Trump’s re-election, driven by expectations that his administration would take a more lenient regulatory approach to digital currencies after years of stricter oversight. During his campaign, Trump had promised to establish the United States as the global leader in cryptocurrency and even created his own digital currency company, World Liberty Financial, alongside his sons.
After assuming office, Trump declared plans for a government cryptocurrency reserve that would hold Bitcoin and four additional digital currencies.
However, progress on Trump-endorsed cryptocurrency regulation legislation has stalled in the Senate due to conflicts between traditional banking institutions and cryptocurrency companies, creating uncertainty for the sector.
On Wednesday, Democratic Representative Ro Khanna announced plans to examine World Liberty Financial following reports that representatives of an Abu Dhabi official agreed to purchase a 49% ownership stake in Trump’s cryptocurrency venture for $500 million.
Thursday also saw broader market declines, with silver prices falling as much as 16% and major Asian stock markets in Hong Kong and Japan dropping 1.3% and 0.7% respectively.
