Cryptocurrency bitcoin has dropped below the $90,000 mark.
On the day of Donald Trump's inauguration, Bitcoin touched its all-time high of an astounding $109,356. Since then, however, it's been a rollercoaster ride - including a mind-boggling crypto heist. Since reaching its peak, Bitcoin has seen a staggering 20% decline in US dollar value. Just within a day, from Monday to Tuesday, the value dipped below the $90,000 mark, touching a low of approximately $87,600. Over the past five days alone, Bitcoin has shed almost 9% of its value.
Currently, other major digital currencies, including Ethereum and Solana, are also experiencing considerable drops. Ethereum saw a 12.7% decrease from the previous day, settling at $2,380. Meanwhile, Solana plummeted by an alarming 14.8% to $136.
Crypto Rollercoaster
Before Trump's victory in the elections, Bitcoin was trading around the $70,000 mark. Optimistic investors hoped that the victor would introduce crypto-friendly regulations. However, the celebration was short-lived. Despite Trump's pro-crypto stance, his administration has yet to implement substantial supporting measures, such as a Bitcoin Strategic Reserve within the US federal budget, as many Bitcoin enthusiasts had hoped.
Recently, Trump's economic policy remarks have influenced the market. On Monday, the US President announced that proposed tariffs against Mexico and Canada were progressing. This news led to a drop in both stock and crypto markets.
The digital currency market is also grappling with a major setback - the largest crypto heist reportedly in history. Last Friday, cybercriminals managed to snatch digital currency valued at an astounding $1.5 billion from service provider Bybit. Bybit's team fell victim to a deceptive operation during a regular transaction, causing the funds to be unintentionally rerouted to an unknown address rather than Bybit's value storage. The heist resulted in the theft of an impressive 401,000 units of Ethereum.
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What could potentially cause Bitcoin's value to cross the threshold of its inauguration day high once again, given its recent falling trend? Despite Trump's pro-crypto stance, nearly a year after Bitcoin's all-time high at his inauguration, it seems Bitcoin investors are still waiting for considerable Bitcoin-friendly regulations to fall into place.
