Bitcoin plunges below $70,000, giving back all the gains since Trump's election.

Due to the exacerbation of the closing wave of leveraged positions and the overall market turbulence, the price of Bitcoin plummeted to below 70,000 US dollars. This sell-off has erased all the gains brought by the speculative craze in cryptocurrencies since Donald Trump was elected president. The cryptocurrency saw a decline of up to 10% on Thursday, dropping to 65,344 U.S. dollars, hitting a new low since October 2024. After reaching its all-time high four months ago, Bitcoin has almost halved in value, with the decline spreading to other cryptocurrencies, related ETFs, and businesses holding large amounts of cryptocurrencies. This decline marks the end of the boom in Bitcoin's skyrocketing trend for most of last year - the return of Trump to the White House, who had previously shown a friendly attitude towards cryptocurrencies, led to a surge of investors flocking to these cryptocurrencies, as well as various financial products emerging around them on Wall Street. Since the beginning of this month, escalating geopolitical tensions have impacted global financial markets and dampened risk-taking behavior, causing cracks in the cryptocurrency market. This triggered a cliff-like decline in Bitcoin since mid-January, with funds liquidating assets to meet redemptions and close leveraged positions, further triggering a self-reinforcing selling cycle.