Bitcoin has dropped below $71,000, adding to a week of losses that have wiped out all of its gains since United States President Donald Trump’s re-election in 2024.

The world’s most popular cryptocurrency fell more than 7 percent on Thursday, continuing a steep downward slide that began in mid-January.

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Bitcoin, which is famed for its wild price swings, was trading at about $70,900 as of 04:30 GMT.

The latest slide takes the value of the digital asset down by nearly 20 percent since the start of the year.

Bitcoin hit $100,000 for the first time in December 2024 and breached that level again in February and May 2025. But the asset has largely been on a downward trajectory since October, when it hit an all-time high of more than $127,000.

Bitcoin and other digital currencies racked up explosive gains after President Trump’s re-election raised expectations of Washington adopting a light touch to regulating digital assets after years of regulatory crackdowns.

Trump had pledged to turn the US into the world’s cryptocurrency capital during his re-election campaign, and launched his own crypto firm, World Liberty Financial, along with his sons, before winning the vote.

Shortly after taking office, Trump announced the establishment of a strategic crypto reserve that would include Bitcoin and four other cryptocurrencies.

But a Trump-backed bill to regulate the trading of cryptocurrency has stalled in the US Senate amid disagreement between banks and cryptocurrency firms, casting doubt over the industry.

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US Democratic Party lawmaker Ro Khanna said on Wednesday that he would investigate World Liberty Financial after The Wall Street Journal newspaper reported that representatives of an Abu Dhabi official signed a $500m deal to buy a 49 percent stake in Trump’s fledgling cryptocurrency venture.

Equities and commodities markets also saw losses on Thursday, with silver dropping as much as 16 percent and benchmark stock indexes in Hong Kong and Japan down about 1.3 percent and 0.7 percent, respectively.