Bitcoin and other cryptocurrencies see prices fall amid market turmoil
By JANE DOE, Staff Writer
Amidst the recent global market turmoil, cryptocurrencies have now fallen victim to the sell-off trend after maintaining stability last week.
Bitcoin, the leading cryptocurrency worldwide, plunged below $75,000 on Monday morning before experiencing a slight recovery.
Not since the surge in crypto prices following President Donald Trump’s Election Day victory last year has Bitcoin seen such low prices. Trump, who has been a vocal supporter of the crypto industry and previously claimed credit for Bitcoin hitting $100,000 in December, has witnessed Bitcoin’s price steadily decline since assuming office earlier this year.
While Bitcoin’s proponents argue that it serves as a digital gold and a hedge against volatility, independent cryptocurrency analyst Garrick Hileman believes that the current price drop indicates that this theory has yet to be proven.
“It’s simply not holding up today,” he remarked. “(Bitcoin) is trading more like a risky tech stock.”
Other major digital assets, such as Ether, also experienced significant one-day percentage drops on Monday morning. Ether, the second most popular cryptocurrency, was trading at around $1,500, marking a 50% decrease in value since Eric Trump, the son of former President Trump, urged his followers to invest in Ether in early February.
President Trump’s own meme coin, which he introduced just before taking office and once reached a high of over $70, fell below $8 on Monday morning.
Crypto-focused companies’ stock prices also witnessed declines in early trading on Monday.
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