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Bitcoin fell to a 16-month low despite public and personal support from US President Donald Trump.
Bitcoin is currently trading at around $69,000, having recovered some of its losses in recent days. Last week, the virtual currency fell to $60,000, its lowest level since September 2024. Following that drop, the price of bitcoin has fallen by 32%.
This decline followed several months of strong growth, which led bitcoin to a record high of $122,000 in October last year.
Deutsche Bank analysts attribute the decline to the appointment of Kevin Warsh as the new chairman of the Federal Reserve. According to them, investors expect him to pursue a tough policy with high interest rates, while easing policies usually encourage investment in virtual assets.
They also cite declining interest from traditional investors and a general pessimism towards cryptocurrencies as influencing factors.
During 2025, investors reacted positively to President Trump's involvement in this sector, his support for cryptocurrencies, and his promises of legal regulation of the market.
One of Trump's first acts upon returning to the White House was to sign an executive order aimed at making the US a cryptocurrency hub. He then introduced his own cryptocurrency, which temporarily boosted the market.
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