Bitcoin slips below $70k, wiping out post-election rally gains

Bitcoin slid about 8% to around $67,000, below $70,000 for the first time since November 2024, as a tech-stock sell-off dragged crypto prices lower; ether fell about 9% to $1,950. The move erases gains from a Trump-era rally that had propelled Bitcoin to a peak above $125,000 last year, with investors shifting toward gold as enthusiasm waned and US crypto legislation stalls. Kalshi traders priced in roughly a 90% chance Bitcoin falls below $60,000 this year. Michael Saylor’s Strategy company fell about 13% on the day, and Gemini announced a plan to lay off about 200 employees to cut costs.