Bitcoin Down 25% From All-Time High as Crypto Selloff Deepens

Read: Bitcoin’s Slide Has Traders Hedging Against a Drop to $70,000
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 Jan. 20, 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.
“Given the macro environment, it’s not surprising to see we are where we are,” said Stefan von Haenisch, director of over-the-counter trading in APAC at crypto custody firm Bitgo. Traders are still waiting for Trump, widely seen as supportive of crypto, to come up with concrete steps for the sector including a Bitcoin stockpile, he said.
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 fallen this week, after tepid US consumer confidence data fueled questions about the economic outlook.
Friday’s decline came alongside a broad selloff in Asian shares, as traders in the region reacted to Trump’s latest comments on tariffs. The US president said that 25% tariffs on Canada and Mexico would come into force from March 4, while Chinese imports would face a further 10% levy.
(Adds quote in fourth paragraph, context on tariffs in last paragraph. An earlier update corrected date of decline.)