Bitcoin's Sharp Decline; A Market in Turmoil
Bitcoin has experienced a significant price crash, falling below $89,000 and wiping nearly half a trillion dollars from the crypto market. This downturn comes just a month after the cryptocurrency hit an all-time high above $108,000, coinciding with the inauguration of US President Donald Trump, who had promised to be the first “bitcoin president.” However, the lack of tangible policy measures from the Trump administration has contributed to the market’s decline.
The broader crypto market has also been impacted by a major hack on the Bybit platform, described as the “biggest digital heist ever,” which saw hackers steal around $1.5 billion (£1.2bn). This incident has further shaken investor confidence, with Ethereum dropping more than 15% in value and other cryptocurrencies like Solana and XRP also suffering considerable losses.
Despite its reputation as a finite, safe-haven asset, bitcoin’s recent sell-off has highlighted its status as a high-risk investment. Industry experts warn that the cryptocurrency is not yet considered a form of digital gold, with its value remaining highly volatile. The market’s downturn has been exacerbated by broader economic concerns, including President Trump’s tariff threats and a cooling of investor sentiment.
While bitcoin’s value remains significantly higher than last year, the current slump has raised fears of a prolonged market crash. Analysts suggest that the cryptocurrency may need to revisit its 200-day moving average around $82,000 before any recovery can begin. Despite the bleak outlook, some experts believe that the seeds of the next bull run are being sown, with lower US Treasury yields potentially providing a longer-term positive for bitcoin.
Why has bitcoin price crashed? Hacks, Fed fears and Trump’s broken promises
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