Bitcoin fell 25% from its ATH amid heavy selling in the market
Hi loving hivers this is crucial to see once because the update is important. During Friday's trading in Asian markets, Bitcoin experienced a precipitous drop. Since its peak, this coin has dropped by 25%.
Bitcoin experienced a spike just six weeks ago when Donald Trump was elected president of the United States, but investors are now quickly taking their money back.
At 12:05 p.m. on Friday, Bitcoin dropped 5.5% to $79,627 in Singapore. Since November 10, this level has been the lowest.
In addition to bitcoin, Ethereum, the second-largest cryptocurrency, dropped 7.3%, while XRP and Solana sank 7.1% and 7.8%, respectively.
Trump's policies' effects
The day Donald Trump was sworn in as president, January 20, saw the price of bitcoin reach its peak of $109,241. However, it has subsequently begun to fall as worries about Trump's ideas and the US economy have grown.
As stated by Stefan von Heinisch, Bitgo's head of Asia-Pacific trading, "This decline is not surprising given the current economic environment." Additionally, he stated that investors are still waiting on Trump to take decisive action in the bitcoin space.
A decline in investor confidence
Bitcoin is not the only cryptocurrency experiencing a fall. Following Trump's announcement of an additional 25% duty on imports from Canada and Mexico and a 10% tariff on goods coming from China, Asian financial markets also saw a decline. Additionally, there was a 2% decline in the MSCI AC Asia Pacific Index.
Large sums of money were also taken out of the US Bitcoin exchange-traded fund (ETF) by investors this week. The biggest withdrawal in a single day since its introduction last year occurred on Tuesday when investors took out over $1 billion.
Bitcoin's Future
An important concern for investors is how much lower the price of Bitcoin can go. YouHodler's principal market analyst, Ruzlan Liankha, said technical research suggests that Bitcoin might find support at $70,000. He did, however, add that a sharp decline in Bitcoin is not always necessary.
Trump's crypto effort
Trump has, meanwhile, also made a few actions that are thought to be advantageous for the cryptocurrency market. Supporters of cryptocurrency have been given significant roles by him. Apart from this, the US Securities and Exchange Commission (SEC), which was previously taking strict action on crypto, has recently stopped investigations on several crypto companies. With regard to the future of bitcoin and other digital assets, investors will now be watching Trump's next moves in the upcoming weeks.
So what is going to happen in the future is still a question but we have hope. And you know guys hope is everything. Someone saying that sell a kidney and buy bitcoin on twitter and that person is Michael Saylor so this is a strong statement. Thank you in advance for sharing this article and i know you are going to share it faiz is signing off.
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