Bitcoin’s price has plummeted below £69,000, marking a 20% decline as the cryptocurrency market faces turmoil due to a major exchange hack and fears of a trade war influenced by President Trump’s policies. Other cryptocurrencies have suffered similar downturns, highlighting a significant selloff in the sector.
The cryptocurrency market is in turmoil as Bitcoin’s price fell steeply below £69,000, currently trading close to $87,050.81 (£68,748.49) as of 3:15 PM GMT. This represents a significant 20 percent drop from its all-time high of $109,114 (£86,191.88) during President Trump’s inauguration. This sudden plunge marks the most dramatic downturn in Bitcoin’s value since Trump resumed his presidency.
In the last 24 hours alone, Bitcoin’s value dropped by 7.5 percent, a sign of deeper troubles in the crypto space. The market is witnessing a widespread selloff, with Ethereum plunging over 11 percent to $2,390. Other cryptocurrencies like XRP, BNB, and Solana have followed suit, experiencing declines of 14.3 percent, 6.4 percent, and 15 percent, respectively.
Several factors have exacerbated the crypto market’s decline. Notably, a severe hack of the Bybit exchange, where attackers stole a staggering $1.5 billion, has shaken investor confidence. Additionally, controversies surrounding the emergence of memecoins and a scandal related to Argentina’s President Javier Milei have negatively affected market sentiment.
Concerns about a potential trade war have added to the volatility in the stock market, impacting shares in technology companies. Nvidia, for instance, tumbled over three percent, while Palantir’s shares plummeted 29 percent, illustrating the broader effects of uncertainty in financial markets as Trump’s tariffs create additional panic.
Analysts are closely monitoring stock index futures that showed weakness amidst this chaotic trading environment. Early indications suggested an initial rally, which quickly shifted to a sell-off, specifically targeting tech stocks that have previously thrived in a booming market.
Bitcoin’s dramatic fall below £69,000 reflects a broader crypto market collapse, fueled by a major exchange hack and controversies surrounding new cryptocurrencies. As investor confidence wavers, Bitcoin and major altcoins like Ethereum and XRP have sharply declined. The volatility in the broader stock market exacerbates this crisis, leaving investors grappling with uncertainty as Trump’s presidency influences economic dynamics.
Original Source: www.gbnews.com
