Following a period of relative stability amid last week's global market turbulence, cryptocurrencies have now become part of the selling frenzy.
Bitcoin, the globe's leading digital currency, fell beneath $75,000 on Monday morning but then experienced a minor recovery.
Bitcoin's prices have not been this low since shortly afterwards. President Donald Trump’s Election Day victory last year launched a bull run in crypto prices. Trump, whose tariff announcements led to massive stock sell offs, has been a major promoter of the crypto industry and previously took credit when bitcoin’s price broke $100,000 in December. Bitcoin has been on a relatively steady slide in price since Trump took office earlier this year.
Bitcoin’s backers say it is a type of digital gold that can act as a hedge against volatility. But Garrick Hileman, an independent cryptocurrency analyst, said bitcoin’s price slide shows that thesis still hasn’t proven to be true.
“He remarked, ‘It simply isn’t performing well today.’ He compared it to a volatile technology stock.”
Other significant digital assets experienced even larger single-day percentage declines on Monday morning.
Ethereum, the second most prevalent cryptocurrency, was exchanging hands around $1,500 on Monday morning. Its value has dropped approximately fifty percent since Donald Trump Jr.'s involvement became known. Eric Trump , urged his supporters on social media to purchase ether earlier this month.
President Trump's personal meme coin, which was introduced shortly before he took office and reached a peak above $70, fell beneath $8 on Monday morning.
Shares of firms heavily involved with cryptocurrencies experienced drops during the opening trades on Monday.
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