Shares of New York-listed crypto firms fell today as bitcoin dipped after breaching the $ 70,000 mark for the first time since mid-June.

The sell-off erased gains from earlier in the session when optimism fueled by Republican presidential candidate Donald Trump’s pro-crypto speech lifted stocks.

The volatile cryptocurrency has often seen pullbacks after reaching key milestones as investors book profits. The industry, however, cheered Trump’s promise of friendlier regulation.

“Any ‘Trump trade’ into U.S election should include greater allocation to bitcoin and bitcoin-linked stocks,” Bernstein analysts wrote in a note.

The former president has projected himself as the pro-bitcoin candidate ahead of the election in November. His return could be a huge win for the industry, which has often complained of excessive oversight and a hostile regulatory environment under President Joe Biden.

Still, Securities and Exchange Commission Chair Gary Gensler, the Biden administration’s top cop for crypto enforcement, has cautioned investors about the wild volatility and speculative nature of tokens like bitcoin.

On Saturday, Trump said he would fire Gensler “on day one”. He added that his administration would create a national “stockpile” of bitcoin using the crypto the U.S. government currently holds that was largely seized in law enforcement actions.

But some warned against excessive optimism.

“The bitcoin strategic reserve for the U.S. is a major milestone for bitcoin, however, it will still require Trump to win,” said CoinCorner CEO Danny Scott.

Crypto exchange Coinbase’s shares closed 3.6% lower after climbing as high as 5% earlier in the session. Miners Bitfarms, Riot Platforms and CleanSpark ended down between 4.9% and 5.2% after rising earlier.

Top bitcoin backer Michael Saylor’s MicroStrategy also closed 3.9% lower.

Global sentiment towards bitcoin, however, was “incredibly positive this year,” he added.

“This is setting the scene for what many believe is the next bull run for 2024-25.”

Crypto has rapidly moved from the fringes of the financial world to the mainstream, helped by institutional investors’ backing and the approval of exchange-traded funds tied to spot price of bitcoin and ether.