Bitcoin down 25% from all-time high as crypto rout worsens
The coin was down 5.5% at $79,627 at 12:05 p.m. in Singapore, after hitting its lowest level since November 10. That was part of a broad rout: Ether, the world’s second-largest cryptocurrency, fell 7.3% while smaller tokens Solana and XRP were down 7.1% and 7.8%, respectively.
The selloff underscores a swift change of fortunes for digital assets, which boomed after Trump’s election win. Bitcoin hit its all-time high of $109,241 on Jan. 20, the day of Trump’s inauguration, but it has tumbled since then amid worries about the president’s combative stance and broader concerns about the US economy.
“Given the macro environment, it’s not surprising to see we are where we are,” said Stefan von Haenisch, director of over-the-counter trading in Asia Pacific at crypto custody firm Bitgo Inc. 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, he said.
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