Bitcoin's price has continued its decline that has been going on for several weeks. In the past five days alone, the world's largest cryptocurrency has lost about 10%.
Bitcoin's price has continued its decline that has been going on for several weeks. In the past five days alone, the world's largest cryptocurrency has lost about 10%.
Since hitting a record high of over $126,000 in early October, Bitcoin has lost more than 30% of its value, Futurism reports . The crypto industry as a whole has lost about $1 trillion in market capitalization — and that’s under the presidency of Donald Trump, who has positioned himself as a crypto advocate.
A chart of Bitcoin’s price over the past six months shows months of gains followed by a massive drop . On Friday, Bitcoin’s price hit $81,957, according to Binance. The crash came after the cryptocurrency market had surged to unprecedented heights this year, helped by the extremely pro-cryptocurrency Trump administration.
Experts believe the big sell-off in tech stocks earlier this month is linked to Bitcoin's woes. Shares of AI leaders fell, underscoring fears of an AI bubble. Even Nvidia's strong quarterly results on Wednesday failed to inspire confidence, with the AI chipmaker's shares falling more than two percent on the day.
Analysts suggest that Bitcoin may continue to fall.
“I think we are closer to the end of the sell-off than the beginning, but the markets are in an uncomfortable state and the cryptocurrency could fall further before it finds a basis for recovery,” said Matthew Hogan, chief investment officer at Bitwise Asset Management.
