New york: The world's leading cryptocurrency, Bitcoin, has eliminated all the gains it achieved following the election of US President Donald Trump in 2024 and has dropped below $70,000. This decline comes amid diminishing expectations for rate cuts by the Federal Reserve.

According to Anadolu Agency, the global cryptocurrency market experienced a contraction of 8% within 24 hours, reducing its total value to $2.37 trillion. In tandem with this market downturn, Bitcoin saw a significant drop of approximately 8.5%, trading at $69,254.93 at 1322 GMT.

President Trump was elected on November 5, 2024, and his pro-crypto stance initially propelled Bitcoin from $68,000 to over $100,000 by December 17, 2024. However, the recent plummet has erased all those gains, as indicated by current data.

In addition to Bitcoin, Ethereum, the second-largest cryptocurrency globally, suffered a decline of 7.7%, with its value standing at $2,050.9 at 1324 GMT. Analysts attribute this trend to concerns over interest rates, global economic uncertainties, the liquidation of leveraged positions, and profit-taking, leading investors to reconsider their positions in the cryptocurrency markets.