The price of Bitcoin has plunged once again and the cryptocurrency is now valued at around $78,000 – just over a month after it reached an all-time high.
The price of Bitcoin has plunged once more.
The cryptocurrency’s value has fallen by almost nine per cent in the past 24 hours, with market as a whole down by 8.6 per cent.
The price of Bitcoin is now around $78,000, little more than a month after it reached an all-time high of $109,241 on the day of Donald Trump’s inauguration as US president on January 20.
Bitcoin’s fall comes after a series of market shocks over the past week that has had a considerable impact, with the second-largest cyrptocurrency Etherium down nearly 25 per cent in the past seven days.
This is because it was at the centre of a hack on the crypto exchange Bybit, in which almost $1.5 billion in the digital currency was stolen in what has been described as the biggest heist in digital history.
The fall in crypto comes as the US market struggles as a whole due to fears over tech stocks and the prospect of tariffs being imposed by Trump.
Michael Brown, a senior research strategist at financial services company Pepperstone, said: “We’re almost in a situation where there is so much news that it’s leaving traders paralysed, because they don’t know what to focus on, and particularly with Trump, what is a negotiating gambit and what is a serious policy proposal.
“Given the degree of uncertainty, it does make sense to lighten up on positioning, particularly in riskier assets.”
Price of Bitcoin plunges again as crypto market reels from shocks
