AsianFin -- Bitcoin's decline worsened during Asian trading hours on Friday, dropping 25% from its all-time high set less than six weeks ago, as traders reversed their positions following the election of US President Donald Trump.
At 10:13 a.m. in Singapore, Bitcoin was down 2.6%, trading at $82,220, marking its lowest level since November 11. This decline is part of a broader downturn in cryptocurrencies, with Ether, Solana, and XRP also experiencing significant drops in recent days.
The ongoing selloff highlights a dramatic reversal in the fortunes of digital assets, which had surged following Trump's election victory. Bitcoin reached its peak of $109,241 on January 20, the day of Trump's inauguration, but has since plunged amid growing concerns over the President’s contentious approach and broader fears regarding the US economy.
“Given the current macro environment, it’s not surprising that we are seeing these declines,” said Stefan von Haenisch, director of over-the-counter trading for APAC at crypto custody firm Bitgo. Traders are still waiting for Trump, who is generally viewed as crypto-friendly, to introduce concrete measures to support the sector, including the possibility of a Bitcoin stockpile, he noted.
Cryptocurrencies are also facing pressure from a broader shift in investor risk appetite, as many have pulled back from Trump-related trades across various markets. The S&P 500 has also dropped this week, fueled by disappointing US consumer confidence data that has raised concerns about the economic outlook.
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