Jamaine Punzalan

Article (news)

Agence France-Presse

<p>Bitcoin, the world&#x27;s biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 for the first time since Donald Trump&#x27;s presidential election victory in November 2024.</p><p>The digital currency dropped as low as $69,821.18 before climbing back above $70,000.</p><p>Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets. It had reached a record high above $126,000 in October.</p><div><a href="https://www.abs-cbn.com/news/business/2025/11/20/why-is-bitcoin-plunging-1623">Why is bitcoin plunging?</a></div><p>&quot;Bitcoin continues to suffer... caught up in the broader risk-off mood and geopolitical turmoil that has pushed investors away from riskier assets towards safe havens,&quot; noted Victoria Scholar, head of investment at Interactive Investor.</p><p>The volatile cryptocurrency soared after Trump was elected as he was widely viewed as a strong supporter of the sector.</p><div><a href="https://www.abs-cbn.com/news/nation/2025/12/2/funds-from-flood-control-scam-being-laundered-through-crypto-official-1134">Funds from flood control scam being laundered through crypto: official</a></div><p>He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.</p><p>However it suffered a sharp setback in April last year, falling below $75,000 after the president&#x27;s announcement of sweeping US tariffs rattled global markets.</p><p>It went on to reach a record-high of $126,251.31 six months later.</p><p>The latest downturn is driven largely by regulatory uncertainty.</p><p>While the US Congress passed a law in July to regulate stablecoins -- a form of cryptocurrency backed by traditional assets -- a broader crypto bill, the Clarity Act, has stalled in the Senate.</p><p>Bitcoin&#x27;s has been hit also by Trump recently nominating former Federal Reserve governor Kevin Warsh to head of the US central bank.</p><p>Warsh, seen by observers as a defender of the Fed&#x27;s independence, reassured traditional markets, prompting investors to sell safe-haven assets such as gold and silver, whose prices plunged.</p><p>Many investors rushed also to sell cryptocurrencies and other risky assets to help raise cash.</p><p>Trump&#x27;s close ties to the crypto sector have sparked accusations of conflicts of interest, as he has promoted his own cryptocurrency-related ventures since returning to office.</p><div><a href="https://www.abs-cbn.com/news/business/2025/3/3/trump-s-crypto-reserve-post-sparks-rally-dash-for-currencies-1021">Trump&#x27;s crypto reserve post sparks rally, dash for currencies</a></div><p>According to recent Bloomberg estimates, his family&#x27;s fortune grew by $1.4 billion last year from digital assets alone.</p><p>Just hours before his inauguration in January 2025, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP, which slumped after a blockbuster debut.</p><div><a href="https://www.abs-cbn.com/business/2024/11/13/trump-victory-signals-golden-era-for-crypto-industry-656">Trump victory signals golden era for crypto industry</a></div>

<p>Bitcoin, the world's biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 for the first time since Donald Trump's presidential election victory in November 2024.</p>

Bitcoin, the world's biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 for the first time since Donald Trump's presidential election victory in November 2024.

Bitcoin under $70,000 for first time since Trump's election

Bitcoin under $70,000 for first time since Trump's election

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Sudoku

Word of the Day

Lotto

Horoscope

Technology

Bitcoin under $70,000 for first time since Trump's election

Agence France-Presse

Published February 06, 2026 08:44 AM PHT

Read More:

Bitcoin

Trump

US

ANC promo

ABS-CBN Newsletter

Your go-to source for the latest news, entertainment highlights, exclusive interviews, and updates on your favorite Kapamilya stars.

ABS-CBN Newsletter

Your go-to source for the latest news, entertainment highlights, exclusive interviews, and updates on your favorite Kapamilya stars.

Sign Up

I have read and agree to the Terms and Privacy Policy.

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.