Bitcoin Plummets 27% from Historic High, Falls to $79,000
Bitcoin has experienced a significant decline, dropping 27% from its all-time high of $109,225 in January to as low as $79,650 this morning.
This downturn follows an initial surge post-President Donald Trump's election victory on November 8, which saw the cryptocurrency reaching unprecedented levels.
The recent sell-off is attributed to uncertainties surrounding President Trump's policies, prompting investors to retreat from riskier assets. Currently, Bitcoin is trading at $80,114, reflecting a 7.26% decrease from the previous close.
Ethereum has also been affected, with its price declining to $2,122.51, marking a 9.68% drop from the previous session.
Stefan von Haenisch, head of trading at OSL SG Pte, commented on the situation, stating, "Given the macro environment, it's not surprising to see us where we are." Traders had anticipated that President Trump, perceived as a crypto-friendly leader, would implement supportive measures for the industry, including potential accumulation of a national Bitcoin reserve. However, the lack of concrete actions has led to market disappointment.
Analysts suggest that for a significant price recovery, clear regulatory frameworks or favorable monetary policy signals, such as Federal Reserve rate cuts, are necessary. Despite the recent downturn, some remain optimistic; for instance, Standard Chartered predicts Bitcoin could reach $500,000 before President Trump leaves office.
The cryptocurrency market remains volatile, with investors closely monitoring policy developments and market signals to gauge future movements.
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