Bitcoin hits over 3-month low, reversing gains post Trump election

Bitcoin hits over 3-month low, reversing gains post Trump election


Jakub Porzycki | Nurphoto | Getty Images

A week-long rout in Bitcoin worsened Friday, with the digital asset hitting an over 3-month low, reversing gains that followed the election of U.S. President Donald Trump.

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.

“It seems that the market has become volatile in reaction to the Bybit incident,” Jeff Mei, chief operating officer at crypto exchange BTSE said in a statement sent to CNBC, adding that inflation concerns and a pause in Fed rate cuts in the U.S. have also suppressed markets.

Still, 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.

Geoffrey Kendrick, head of digital assets research at Standard Chartered, said in an interview with CNBC’s “Squawk Box Europe” on Thursday that bitcoin could surpass the $200,000 threshold this year.

Increased crypto adoption by institutions along with some “regulatory clarity” in the U.S., should lead to less volatility over time, he said.

Bitcoin to hit $500,000 before Trump leaves office, Standard Chartered says



Source

The 9 Nintendo Switch 2 is totally ‘worth the money,’ superfans say, including one who waited in line over 24 hours: ‘It’s a no-brainer’
World

The $449 Nintendo Switch 2 is totally ‘worth the money,’ superfans say, including one who waited in line over 24 hours: ‘It’s a no-brainer’

It’s been more than 25 years since Nintendo held a console launch where Edwin Flores wasn’t among the first in line.  The avid gamer was at the Times Square Toys R Us for the launch of the GameCube in 2001, and has been there at midnight to be among the first in the world to […]

Read More
CNBC’s Inside India newsletter: Wall Street and investors turn bullish on India after two turbulent quarters
World

CNBC’s Inside India newsletter: Wall Street and investors turn bullish on India after two turbulent quarters

Stock traders monitor share prices during an intra-day trading session at a brokerage house in Mumbai on April 8, 2025. Asian and European markets battled on April 8 to recover from the previous day’s tariff-fuelled collapse. US President Donald Trump slapped a flat 26 percent tariff on imports from India last week, with New Delhi […]

Read More
European Central Bank trims interest rates after inflation dips below target
World

European Central Bank trims interest rates after inflation dips below target

The European Central Bank on Thursday announced a 25-basis-point interest rate trim and lowered its inflation expectations on the back of a stronger euro and lower energy costs. This takes the deposit facility rate to 2%, down from a mid-2023 high of 4%. Ahead of the announcement, traders had been pricing in an almost 99% […]

Read More