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Bitcoin drops below $70,000, erasing post-Trump rally

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Bitcoin slid below the $70,000 mark on Thursday, extending a sharp selloff that has erased gains made since Donald Trump’s 2024 election victory. The world’s largest cryptocurrency fell as much as 3.8% to $69,858, its lowest level since November 2024.

Bitcoin is down nearly 8% this week and almost 20% so far this year. Ethereum also weakened, slipping close to 2% to around $2,090 and posting year-to-date losses of roughly 30%.

Analysts said the latest leg down was triggered by concerns over the nomination of Kevin Warsh as the next chair of the Federal Reserve. Warsh is viewed as favoring a smaller central-bank balance sheet, a stance seen as negative for liquidity-sensitive assets such as cryptocurrencies.

“The market fears a hawk with him,” said Manuel Villegas Franceschi of Julius Baer, noting that reduced liquidity would offer little support for digital assets.

The global crypto market has lost about $1.9 trillion in value since peaking in October, according to CoinGecko, with institutional investors pulling billions from exchange-traded funds. Analysts at Deutsche Bank said persistent ETF outflows point to waning interest among traditional investors.

Bitcoin’s decline has also tracked weakness in technology stocks, as fears of AI-driven disruption ripple through markets. Jefferies warned that further price drops could pressure crypto miners and risk forced liquidations, amplifying volatility.

US considers Robinhood to manage Trump-backed investment accounts for children

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The U.S. government is considering selecting Robinhood to help oversee new government-supported investment accounts for children, known as “Trump accounts,” according to a Bloomberg News report citing people familiar with the matter. The program would involve opening accounts for millions of U.S. children and placing Robinhood in a trustee role for the initial rollout.

The report said Robinhood has begun internal preparations in case it is chosen, while other major investment firms such as Fidelity Investments and Vanguard Group have not been approached for the first phase. The U.S. Treasury Department is expected to select up to three firms to serve as initial trustees, with a decision anticipated soon. Neither Robinhood nor the Treasury immediately commented on the report.

The accounts were announced this week by Donald Trump as part of a government-backed initiative aimed at encouraging long-term investing. Under the plan, the U.S. Treasury Department would deposit $1,000 into an investment account for every child born in the United States between 2025 and 2028. Treasury estimates suggest roughly 25 million families could qualify.

The administration projects that, without any additional contributions, the accounts could grow to about $5,800 by the time beneficiaries reach age 18. Trump has also urged U.S. businesses to contribute to the accounts on behalf of employees’ children, potentially increasing long-term returns. The proposal represents a significant expansion of government involvement in retail investing and could elevate the role of fintech platforms in public financial programs.

SkyBridge Bets on Rising Volatility, Cautiously Optimistic on Bitcoin, Scaramucci Says

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Alternative asset manager SkyBridge Capital is increasing its exposure to macro strategies as policy uncertainty under U.S. President Donald Trump fuels market volatility, founder Anthony Scaramucci said in Davos.

Scaramucci said macro-focused traders have performed better amid sharp market swings, prompting SkyBridge to tilt further toward such strategies. Regulatory filings from September 2025 showed the firm’s SkyBridge Opportunity Fund increased its macro weighting to 69%, compared with a heavier allocation to cryptocurrencies earlier in the year.

Despite recent turbulence, Scaramucci said the long-term outlook for Bitcoin remains intact. He described the recent pullback as a timing issue rather than a shift in direction, pointing to consolidation following a volatile year. Bitcoin surged to a record above $126,000 in October 2025 before a sharp correction that triggered more than $19 billion in liquidations, the largest in crypto history.

Bitcoin was trading below $90,000 on Tuesday, about 28% below its peak. Scaramucci said optimism around regulatory reform had faded but remained cautiously positive on the year ahead, noting that legislation to clarify crypto market rules is still under consideration in the U.S. Congress.