Bitcoin (BTC-USD) fell nearly 5% early Friday to just above $82,000 — the cryptocurrency's lowest level since early November.
Bitcoin (BTC-USD) fell nearly 5% early Friday to just above $82,000 – the cryptocurrency's lowest level since early November. The downturn comes as the so-called Trump trade loses steam.
Macroeconomic uncertainty and a $1.5 billion crypto exchange hack have contributed to the pullback among investors.
Coinbase (COIN) fell 1.3%, and Riot Platforms (RIOT) fell 1.6%. Strategy (STR), the largest corporate holder of bitcoin, dropped less than a percentage point.
Optimism about the president's crypto-friendly stances had been fueling interest in the sector.
Trump is optimistic about the president's crypto-friendly stances creating a looser regulatory environment for the industry than the prior administration. Trump has appointed venture capitalist David Sacks to a newly created White House role of crypto czar, and his pick for SEC chair is well-known crypto lawyer Paul Atkins.
But with the president’s term nearing an end, and no clear indication of the Biden administration's plans for crypto, the bullish narrative on altcoins, are now entirely driven by politics."
Those trades are now fizzling out, and broader market volatility is likely to keep investors on their toes in the final weeks of 2023.
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