<figure id="attachment_3230882" aria-describedby="caption-attachment-3230882" style="width: 1600px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-3230882" src="https://media.freemalaysiatoday.com/wp-content/uploads/2025/12/d65d25d6-bitcoin.jpg" alt="Bitcoin" width="1600" height="1000" /><figcaption id="caption-attachment-3230882" class="wp-caption-text">Digital currencies surged after Donald Trump’s November 2024 election win, with markets viewing him as a strong supporter of the sector. (File pic)</figcaption></figure>
LONDON: Bitcoin dipped below US$75,000 on Monday, returning to levels seen before US President Donald Trump&#8217;s re-election, as investors pulled back from risky assets and US cryptocurrency legislation stalls.
Digital currencies had soared after Trump was elected in November 2024, as he was widely viewed as a strong supporter of the sector.
One month later, bitcoin &#8211; the world&#8217;s largest cryptocurrency &#8211; crossed the US$100,000 mark for the first time, a milestone Trump publicly celebrated.
Bitcoin suffered a sharp setback in April, falling below US$75,000 after the announcement of sweeping US tariffs rattled global markets.
The volatile asset later resumed its rise, reaching a record high of US$126,251.31 in October, before undergoing another pullback.
The latest downturn is largely driven by ongoing regulatory uncertainty.
While Congress passed a law in July to regulate stablecoins &#8211; a form of cryptocurrency backed by traditional assets &#8211; a broader crypto bill, the Clarity Act, has stalled in the Senate.
&#8220;Expectations for progress on the Clarity Act have not been met,&#8221; said James Butterfill, a researcher at digital asset manager CoinShares, describing the uncertainty as a &#8220;headwind&#8221; on crypto prices.
Bitcoin&#8217;s decline deepened after Trump announced Friday he would nominate former Federal Reserve governor Kevin Warsh to be the next US central bank chief.
Warsh, seen by observers as a defender of the Fed&#8217;s independence, reassured traditional markets, prompting investors to sell safe-haven assets such as gold and silver, whose prices plunged.
Many investors also rushed to sell cryptocurrencies and other risky assets to help raise cash.
Trump&#8217;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.
According to recent Bloomberg estimates, his family&#8217;s fortune grew by US$1.4 billion last year from digital assets alone.
Just hours before his inauguration in January 2025, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP.
After a blockbuster debut, it has since lost around 90% of its value from its peak.

MatchPoint Times

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