Shares of New York-listed cryptocurrency companies fell on Monday, with Bitcoin plummeting after breaching the $70,000 mark for the first time since mid-June.

Bitcoin’s price climbed last week following a speech by Republican presidential candidate Donald Trump at the Bitcoin 2024 conference in Nashville, US.

During his appearance, the former US president pitched himself as a pro-bitcoin presidential candidate in view of the upcoming US elections in November, promising “friendlier regulations”.

The former president has often voiced criticism of what he perceives as excessive regulation of cryptocurrency during Joe Biden's presidency, which Trump believes shows hostility towards the industry.

At the conference, he said that if the US doesn’t embrace crypto and Bitcoin technology, China will dominate the market.

“...and we cannot let China dominate,” continued Trump. “They are making too much progress as it is.”

Trump has also declared his intention to establish a presidential advisory council for cryptocurrencies.

Additionally, he wants to create a national ‘reserve’ of Bitcoin using cryptocurrencies currently held by the US government, which were largely seized during law enforcement actions.

“Never sell your bitcoins,” he said at last week’s conference. “If I am elected, it will be the policy of my administration, the United States of America, to retain 100 per cent of all Bitcoins that the United States government currently holds or acquires in the future.”

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