Bitcoin's Value Plummets Amid Market Turbulence and Trade War Fears
The value of Bitcoin has experienced a significant decline, dropping by approximately 7 per cent in the last 24 hours, with the cryptocurrency falling below the $90,000 mark to its lowest level since mid-November. This downturn is part of a broader selloff in the cryptocurrency market, with Ethereum, the second-largest digital currency, losing 12.7 per cent of its value over the same period. The overall crypto market has seen a nearly 8 per cent decline.
The recent drop in Bitcoin’s value follows a period of substantial gains linked to former US President Donald Trump’s public support for the cryptocurrency market. However, market confidence has been shaken by Trump’s reaffirmed plans to impose tariffs on imports from Canada and Mexico, which has led to a retreat from risky assets among global investors. Additionally, a major hack at the Bybit exchange, resulting in the theft of $1.5 billion, and controversies surrounding memecoins, including those launched by Trump and his wife Melania, have further eroded trust in the sector.
Despite the recent turbulence, Bitcoin remains up by 64 per cent from a year ago. Analysts suggest that ongoing concerns about a potential trade war and broader market volatility have contributed to the cryptocurrency’s decline. The situation remains fluid, with investors closely monitoring developments in both the crypto and traditional markets.
The price of bitcoin is plunging dramatically
The value of bitcoin is falling dramatically amid major worries in the market.
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