Economy|CryptoBitcoin plunge continues, erasing gains since Trump’s electionThe world’s most popular cryptocurrency has fallen nearly 20 percent in value since the start of 2026.
As of Thu, Feb 5, 2026, Bitcoin's value has declined below $71,000, marking a continuation of a week-long downturn that has negated recent gains. The cryptocurrency experienced a decrease of over 7% on Thursday, extending a downward trend that commenced…
As of Thu, Feb 5, 2026, Bitcoin's value has declined below $71,000, marking a continuation of a week-long downturn that has negated recent gains. The cryptocurrency experienced a decrease of over 7% on Thursday, extending a downward trend that commenced in mid-January.
Currently, Bitcoin is trading at approximately $70,900 as of 04:30 GMT. This decline represents a nearly 20% reduction in value since the beginning of the year. The cryptocurrency reached $100,000 for the first time in December 2024 and surpassed this milestone again in February and May 2025. However, since October, when it peaked at over $127,000, Bitcoin has been predominantly on a downward trajectory.
Bitcoin, alongside other digital currencies, experienced significant gains following the re-election of United States President Donald Trump. These gains were driven by anticipation of a regulatory environment favorable to digital assets. During his re-election campaign, President Trump committed to positioning the US as a leading hub for cryptocurrency, launching World Liberty Financial, a crypto firm, with his sons.
As of Thu, Feb 5, 2026, Bitcoin's value has declined below $71,000, marking a continuation of a week-long downturn that has negated recent gains.
Following his inauguration, President Trump announced the creation of a strategic cryptocurrency reserve, including Bitcoin and four other digital currencies. Nevertheless, a Trump-endorsed legislative proposal aimed at regulating cryptocurrency trading has encountered obstacles in the US Senate due to disagreements between banking institutions and cryptocurrency firms.
Additionally, US Democratic Party lawmaker Ro Khanna has declared an investigation into World Liberty Financial. This follows reports of a $500 million transaction involving the acquisition of a 49% stake in the company by representatives of an Abu Dhabi official.
In tandem with Bitcoin's decline, traditional markets have also experienced losses. On Thursday, silver prices fell by 16%, while benchmark stock indexes in Hong Kong and Japan decreased by approximately 1.3% and 0.7%, respectively.
Based on reporting by Al Jazeera.