Bitcoin Down 25% From All-Time High

Source Credit : Bloomberg

Bitcoin was trading at about $80,500 in early trading in Asia, down 3.45% on the day and nearly 25% lower than an all-time high hit in mid December.

Bitcoin had enjoyed a surge in prices following Trump’s victory in November, with the leader having posed himself as a pro-crypto candidate during his campaign.

However, prices have slipped as investors shun assets perceived to be risky given the weakness in global equity markets, uncertainty surrounding the new President’s tariff policy and resolutions to major wars such as Russia-Ukraine and Israel-Gaza.

Investor sentiment was also soured by news that Bybit, a major cryptocurrency exchange, suffered a $1.5 billion hack in what’s estimated to be the largest crypto heist in history.

some crypto bulls remain positive on Bitcoin’s outlook as they await key regulatory developments from the Trump administration.

Already, Trump has signed an executive order promoting the advancement of cryptocurrencies in the U.S. and developing a national digital asset stockpile. Meanwhile, his administration has created task forces and a “crypto czar” tasked with supporting a clear regulatory framework for crypto assets.