The cryptocurrency fall is becoming worse, with Bitcoin down 25% from its peak.
Because of the US president’s position and concerns about the economy, Bitcoin’s value dropped more than 25% from its peak following Trump’s election. In Asia, the selloff intensified, impacting not only Bitcoin but also Ether, Solana, and XRP, among other cryptocurrencies. Investors are worried about the future and are anticipating concrete steps from Trump to support the industry and his broader economic policies.
Bitcoin’s slump accelerated during Friday’s Asian trading hours, plunging more than a quarter from its peak less than six weeks ago as speculators sharply cut their positions following US President Donald Trump’s election.
After hitting its lowest level since November 10, the coin was down 5.5% at $79,627 at 12:05 p.m. in Singapore. As part of a larger selloff, lesser tokens S saw a 7.3% decline, while Ether, the second-largest cryptocurrency globally, had a 7.3% decline.
The selloff demonstrates how quickly the market for digital assets recovered following Trump’s presidential triumph. On January 20, the day of Trump’s inauguration, Bitcoin hit its highest price ever—$109,241—but has since fallen as a result of worries about the president’s combative style and more general problems with the US economy.
