Bitcoin rebounded slightly on Friday after losing all the price gains that were made following President Donald Trump’s election in 2024.

Bitcoin slid under $61,000 earlier this week, demonstrating the volatility of the broader cryptocurrency market.

One report said it was the largest one-day drop since November 2022. 

On Friday, however, Bitcoin went up to $70,000, but it is unclear if that trend will continue.

The large drop came despite expectations that Trump’s pro-crypto policies, including a crypto-friendly Securities and Exchange Commission and plans for a national bitcoin reserve.

Investors reacted quickly to the announcement that Kevin Warsh will become the next Federal Reserve chair, anticipating tighter monetary conditions and a reduced balance sheet, which triggered selling across both crypto and traditional safe-haven assets like gold. 

A large sell-off in the crypto market last October, triggered after the U.S. imposed new tariffs on Chinese imports, pulled money out of the market and led to lighter trading and sharper price swings.