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The price of bitcoin is sharply declining amid significant market concerns.
Bitcoin’s value has decreased approximately 7% in the past 24 hours, with a substantial portion of that drop occurring in the last hour alone.
Other cryptocurrencies have fared even worse. Ethereum, the second-largest digital currency, has lost 12.7% of its value in the last day, and the overall market has seen a downturn of nearly 8%.
This decline in bitcoin brings its price back to levels seen in November, following a significant surge after Donald Trump’s election.
Since the election and prior to it, Mr. Trump and his associates have made public commitments to the crypto market, which has boosted investor confidence and caused dramatic gains in its value.
Recently, Mr. Trump has entered the cryptocurrency space personally. Last month, he and his wife launched $Trump and $Melania memecoins, which generated enough excitement in the market to increase its value by half a trillion dollars in just a week.
However, the price has not been immune to shocks caused by Mr. Trump. Earlier this month, the crypto market faced its worst day in over a year, following Trump’s announcement of new tariffs on Canada, Mexico, and China.
