Bitcoin has dropped to its lowest level since Donald Trump was elected in November 2024, erasing the gains registered by the digital asset since the crypto-friendly US president won his return to the White House.
The largest cryptocurrency extended its almost four-month slide, falling below $74,424.95, the lowest price of 2025. That level was seen on April 7 after Mr Trump’s initial tariff plan upended financial markets worldwide.
“A lot of the traders were trying to buy the dip, betting on a rebound above $80,000,” said Bohan Jiang, senior derivatives trader at FalconX. “As Bitcon drifts lower, a lot of those positions have been liquidated, putting pressure on prices.”
Bitcoin fell as much as 7 per cent to $72,877 on Tuesday in New York, its lowest since November 6, 2024, before regaining some ground to trade at $76,200 in Asia early on Wednesday. It is down 13 per cent this year and 39 per cent from its October 6 peak above $126,000.
The rout follows a crippling bout of liquidations on October 10 – started by additional comments by Mr Trump on tariffs – that wiped out $19 billion in token bets that the broader crypto market has yet to recover from.
Almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as the sell-off led by Bitcoin accelerated.
Total crypto market value has slumped by $467.6 billion since January 29, according to CoinGecko data.
