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A sharp decline in prices has caused bitcoin to plummet to its lowest point since November, leading to a wider slump that has erased nearly half a trillion dollars from the cryptocurrency market in the past few days.
The leading cryptocurrency fell below $89,000 on Tuesday, just a month after reaching an all-time high over $108,000. This peak occurred during Donald Trump’s inauguration, where he declared intentions to be the first “bitcoin president.”
This recent decline has also been partially linked to President Trump, as he has yet to deliver on any of his significant promises after nearly a month in office.
“While the new Trump administration in the U.S. has expressed its support for cryptocurrencies, the industry is still waiting for concrete actions, such as a proposed Bitcoin Strategic Reserve,” said Petr Kozyakov, co-founder and CEO of the crypto exchange Mercuryo, in a statement to The Independent.
The wider cryptocurrencies market has also been affected by a hack on the Bybit platform on Friday, which has been termed the “largest digital heist ever.” Cybercriminals managed to steal about $1.5 billion (£1.2bn) by taking control of an ethereum wallet used by the Dubai-based crypto exchange.
Since the hack, ethereum has fallen over 15 percent in value—significantly more than bitcoin’s relative losses—while other notable cryptocurrencies like Solana and XRP have also faced substantial declines.
Bitcoin has maintained its status as the most valuable cryptocurrency since its inception in 2009, with its limited supply drawing parallels to safe-haven assets like precious metals. However, despite this burgeoning reputation, industry experts caution that the ongoing sell-off indicates it is not yet viewed as a form of digital gold by investors.
“The cryptocurrency market is undergoing a heliocentric reckoning as bitcoin falls below $89,000 amidst a struggling U.S. stock market,” remarked Mr. Kozyakov.
“Instead of being at the center of the financial universe, bitcoin’s status remains peripheral as a highly speculative asset that can be quickly liquidated at the slightest indication of forthcoming troubles.”
