After maintaining some stability amidst last week’s global market disruption, the cryptocurrency sector has now succumbed to the decline. Bitcoin, renowned as the most popular cryptocurrency worldwide, fell beneath $75,000 on Monday morning but bounced back slightly thereafter.
Bitcoin’s prices haven’t reached this low since the period following President Donald Trump’s electoral victory last year, which inspired a surge in cryptocurrency values. Trump, whose tariff announcements triggered extensive stock market sell-offs, has been a vocal supporter of the cryptocurrency industry, even attributing the success of bitcoin breaking the $100,000 threshold in December to his influence. Since taking office earlier this year, Bitcoin has been experiencing a gradual decrease in pricing.
Proponents of Bitcoin advocate it as a form of digital gold capable of acting as a safeguard against market volatility. Nonetheless, Garrick Hileman, an independent analyst specializing in cryptocurrency, contests the validation of this theory in light of Bitcoin’s recent price drop. “It’s just not there today,” he remarked. “(Bitcoin) trades like a risky tech stock.”
Several other leading digital currencies have also encountered steeper one-day percentage losses as of Monday morning.
Ether, which ranks as the second-most prevalent cryptocurrency, was valued at approximately $1,500 on Monday morning. Its value has plummeted by about half since early February when Eric Trump, President Trump’s son, publicly urged his social media followers to obtain ether.
Additionally, President Trump’s own meme coin, which was unveiled shortly before he assumed office and previously soared to more than $70, dropped below $8 on Monday morning.
The stock prices of firms focused on cryptocurrencies also declined during early Monday trading.
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