Bitcoin falls 25% from its all-time-high, other cryptocurrencies mirror fall
The current crypto tumble comes amid worries of the President’s combative stance and broader concerns about the US economy.
The Bitcoin rout worsened during Asian trading hours on Friday, when it fell 25% from the all-time high it less than six weeks ago.
This comes as traders reversed their bets following the election of US President Donald Trump, according to a Bloomberg report.
At 9:50 am IST, Bitcoin was down 5.47%, reaching $80,078.76 a coin, as per CoinMarketCap data. Its lowest level was also touched since November 11.
Bitcoin was also not alone in this. The same trend was seen in Ether, Solana, and XRP as well.
Bitcoin, meanwhile, had hit its all-time high of $109,241 on January 20, the day of Trump’s inauguration, as he is pro-crypto.
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However, the current tumble comes amid worries of the President’s combative stance and broader concerns about the US economy, according to the Bloomberg report.
“Given the macro environment, it’s not surprising to see we are where we are,” the report quoted Stefan von Haenisch, director of over-the-counter trading in APAC at crypto custody firm Bitgo, as saying. “Traders are still waiting for Trump, widely seen as supportive of crypto, to come up with concrete steps for the sector including a Bitcoin stockpile.”
Apart from crypto, even the S&P 500 fell this week due to tepid US consumer confidence data, which gave rise to questions about the economic outlook.
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The decline in equity comes as traders reacted to Trump’s latest comments on tariffs, with him confirming that 25% tariffs on Canada and Mexico would come into force from March 4, while Chinese imports will face a further 10% levy.
