The rout in Bitcoin worsened on Thursday, sending it down more than 25% from the all-time high it set less than six weeks ago as traders reverse bets
The rout in Bitcoin worsened on Thursday, sending it down more than 25% from the all-time high it set less than six weeks ago as traders reverse bets that followed the election of US President Donald Trump.
The coin was trading at $79 609 at 7.33am SAST. The move was part of a broad decline in cryptocurrencies: ether, solana and XRP have also plummeted in recent days.
The selloff underscores a swift change of fortunes for digital assets, which boomed after Trump’s election win. Bitcoin hit its all-time high of $109 241 on 20 January, the day of Trump’s inauguration, but it has tumbled since then amid worries about the president’s combative stance and broader concerns about the US economy.
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Crypto has also come under pressure from a wider shift in risk appetite among investors, who have rolled back Trump trades across a variety of markets. The S&P 500 has declined this week, after tepid US consumer confidence data fueled questions about the economic outlook.
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