Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCryptocurrencyNewsBitcoin falls below US$73,000 despite Trump’s crypto capital pushNegative trends are emerging even as the crypto industry has been on the receiving end of positive headlinesAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.Bitcoin’s continued softness underscores how much of the Trump crypto trade was already priced into digital assets after the sharp rally early last year. Photo by IAN MAULE/AFP via Getty ImagesBitcoin briefly fell below US$73,000 despite a fresh push from Donald Trump for the CLARITY Act, suggesting pro-crypto messaging from Washington is losing its ability to drive gains in digital assets.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorTrump used a Truth Social post late Wednesday to tout the United States as the “crypto capital of the world,” praise the industry’s return to the country and renew support for the CLARITY Act, a bill designed to establish clearer rules for digital assets. Bitcoin initially steadied after the post but fell as much as 3.5 per cent on Thursday to as low as US$72,474.Regulatory optimism that once fuelled aggressive crypto buying is now colliding with profit-taking, slowing ETF flows and broader fatigue. The industry is struggling to regain momentum as retail participation fades, leverage unwinds and uncertainty grows over whether legislative wins would translate into meaningful near-term capital flows.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againBitcoin’s continued softness underscores how much of the Trump crypto trade was already priced into digital assets after the sharp rally early last year. That is leaving the market increasingly vulnerable to crypto-native weakness even as equities continue to benefit from resilient earnings and optimism around the U.S. economy.“Conviction remains limited,” Glassnode analysts including Chris Beamish wrote in a note this week. They said roughly US$78,000 marks the average cost basis for bitcoin holders who bought within the past 155 days, a group considered especially sensitive to price declines. Bitcoin has fallen well below that threshold.Spot-bitcoin ETF flows, a barometer of how institutions and retail investors are treating the market, have seen major outflows in recent days. BlackRock’s IBIT, the largest of the bunch of funds trading in the U.S., saw a more than US$520 million outflow for the latest session for which data is available. That’s the biggest one-day withdrawal since January and one of the largest on record, according to data compiled by Bloomberg. Overall, Bitcoin ETFs saw US$1.2 billion come out over the past week.These trends are emerging even as the crypto industry has been on the receiving end of positive headlines. The U.S. Commodity Futures Trading Commission and Gemini Trust Co., led by the billionaire Winklevoss brothers, are looking to to dissolve a settlement that resulted in the cryptocurrency exchange agreeing to pay US$5 million to end an agency lawsuit.“It seems like investors are throwing in the towel,” said Matt Maley, chief market strategist at Miller Tabak + Co. “The president seems to be trying to jawbone one of his favourite personal assets higher, but this one is harder to influence since its trend has been lower since last October.”—With assistance from Nicola M White. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.