Bitcoin Fell Below 70,000 Dollars

Sharp Decline in Bitcoin

Bitcoin, most recently trading around $69,000, has approached $60,000 as Donald Trump fails to retain gains following the 2024 elections. This situation arose due to the impact of overall market sell-offs, and the CoinDesk 20 index has declined by more than 17%.

Other cryptocurrencies have also been negatively affected during this process. Ethereum has lost 22.4%, Binance Coin 23.4%, and Solana 25.2% in value.

Market sentiment worsened further due to Gemini company's plans to shut down operations in certain regions and reduce its workforce. Additionally, spot Bitcoin ETF flows have also taken a negative turn.