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Media & Entertainment - Technology - Bitcoin plunges below $80,000 as Trump’s policy, global disruptive shake market
Technology

Bitcoin plunges below $80,000 as Trump’s policy, global disruptive shake market

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Bitcoin plunges below $80,000 as Trump's policy, global disruptive shake market
Bitcoin plunges below $80,000 as Trump's policy, global disruptive shake
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Bitcoin fell below $80,000 on Friday as a broader cryptocurrency sale wiped out $1 trillion from the market and sparked concerns about a deeper recession. Digital assets are currently down nearly 25% from a December all-time high of nearly $110,000, with analysts warning of a further decline.

This decline followed a week-long defeat in Bitcoin, hitting a three-month low, reversing the profits he gained after winning the November election for President Donald Trump. Bitcoin surged after Trump’s victory, and he positioned himself as a pro-cryptic candidate. However, investors’ sentiment has deteriorated amid uncertainty surrounding Trump’s proposed tariffs, global economic concerns, and the continued conflicts such as Israel’s war with Gaza.

Market analysts warn of further losses
Technical analysts predict that if negative sentiment persists in the stock market, Bitcoin could potentially drop even further.

“The next goal for Bitcoin is at the $70,000 level, which serves as a strong support zone,” said Ruslan Lienkha, market chief at Crypto Platform Youhodler. “But this depends on the broader market situation. The US stock index has been red for several consecutive days, but it’s still too early to see long-term symptoms.”

Markus Thielen, founder of 10X Research, said Bitcoin could meet its price targets in the low range of $70,000 as it follows a “growing expanding wedge pattern.”

Bibit hacks and global economic fears place emphasis on emotions
In addition to the turbulence of the market, Bybit, the leading cryptocurrency exchange, has received a $1.5 billion hack, one of the biggest crypto robbers in history. The incident has even more volatile investors already working on concerns about inflation and the Federal Reserve’s decision to suspend interest rate cuts.

“The market has become unstable in response to the Bibit incident,” said Jeff Mei, chief operating officer of Crypto Exchange BTSE. “Macroeconomic concerns, including inflation and uncertainty over US monetary policy, are also contributing to the recession.”

The Trump administration’s crypto policy awaited
Despite the current recession, some crypto investors remain optimistic, citing the development of potential regulations under the Trump administration. The president recently signed an executive order to promote cryptocurrency advancement in the United States and launched digital asset stockpiles nationwide. His administration also established a task force that includes “crypto Czar” to establish a clearer regulatory framework for digital assets.

Geoffrey Kendrick, head of digital asset research at Standard Chartered, told CNBC’s Squawk Box Box Europe that Bitcoin could surpass the $200,000 mark again this year, increasing clarity in institutional adoption and regulation as a potential catalyst for future gains.

At the time of early trading in Asia, Bitcoin had fallen by 3.45% that day, trading at around $80,500.

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