Bitcoin has plunged in recent days, leading to a low not seen for more than a year and wiping billions of dollars from the value of the cryptocurrency market.

On Thursday, bitcoin’s price dropped below $70,000, its weakest since November 2024, when Republican Donald Trump won the US presidential election, having signalled his intention to support crypto on the campaign trail.

Bitcoin has already fallen nearly 8% for the week, taking its losses for the year so far to nearly 20%. Ether, which was down nearly 2% at $2,090, is down close to 30% this year.

The latest rout in cryptocurrencies, which has come hard and fast, was triggered, analysts say, by the nomination of Kevin Warsh as the next Federal…