Cryptocurrency - Bitcoin falls below $90,000 threshold
With the election of Donald Trump, golden times for crypto seemed to be dawning. But since his inauguration, the Bitcoin price has mainly been moving downhill.
The cryptocurrency Bitcoin has lost almost 20 percent of its value in dollar terms since its all-time high when US President Donald Trump took office. From Monday to Tuesday, the Bitcoin price fell below the threshold of 90,000 dollars (around 86,000 euros) and temporarily landed at around 87,600 dollars. On Tuesday, Bitcoin was quoted at 88,290 dollars (as of 11:10 a.m.). In the past five days alone, Bitcoin has lost almost nine percent of its value.
Bitcoin rose to its previous record high of $109,356 on the day of Donald Trump 's inauguration as US President on January 20. Since then, the price has fallen almost continuously.
Before the Republican's election victory, Bitcoin was still trading at around $70,000. Investors were hoping that the election winner, Donald Trump, would implement crypto-friendly regulations. However, some expectations have been disappointed since he took office. For example, Trump has not yet set up a national Bitcoin reserve in the US budget, which many Bitcoin supporters had hoped for. Trump himself had fueled such speculation by suggesting that he would reconsider the current gold currency reserves.
Most recently, Trump's comments on his economic policy dampened sentiment. The US president said on Monday that the planned punitive tariffs against Mexico and Canada would "move forward". As a result, the stock and crypto markets fell. A few weeks ago, Donald Trump announced import tariffs against Canada and Mexico of 25 percent. After both countries had their borders with the USA better secured, Trump temporarily suspended the tariffs.
The prices of digital currencies are also being affected by a spectacular crypto theft - probably the biggest crypto coup of all time: Cyber criminals recently managed to illegally steal digital money worth 1.5 billion dollars from the service provider Bybit . The Bybit officials were deceived during a routine transaction so that the funds did not end up in a Bybit value storage facility, but were redirected to an unknown address. 401,000 units of Ethereum currency were stolen in the hack.
The value of all Bitcoin created so far is around 1.76 trillion dollars. This value surpasses the entire amount of silver ever mined.
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