Bitcoin Slumps Below $80,000 As Crypto Rout Wipes Nearly All Post-Election Gains
Topline
The price of Bitcoin dropped below $80,000 early on Friday, its lowest level since the second week of November, amid a wider crypto selloff that has wiped out nearly all of the token’s post-election gains amid concerns about the economic impact of President Donald Trump’s tariffs push.
Bitcoin’s price has fallen more than 25% from its all-time high on Trump’s inauguration day.
Key Facts
The price of Bitcoin, the world’s most valuable cryptocurrency, stood at $79,635 early on Friday—after falling more than 7.5% in the past 24 hours.
The token value has dropped more than 27% since it hit an all-time high of $109,114 on the same day as President Donald Trump’s inauguration, Jan. 20.
Bitcoin’s slump comes amid a wider crypto market selloff, with the price of Ether—the second most valuable token by market cap—dropping nearly 10% in the past 24 hours to around $2,123.
The price of the Ripple Labs linked XRP, Binance’s BNB and Solana’s SOL have tanked 9.2%, 7.3% and 9% respectively in the past day.
This is a developing story.
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