Bitcoin has seen a sharp decline below $90,000 for the first time since November, as global investors withdraw from riskier assets in light of economic uncertainties. The recent sell-off, attributed to President Trump's tariff announcements and a massive hack at Bybit, reflects growing investor caution. Despite a surge past $100,000 in December 2022, optimism for supportive crypto policies has waned. Analysts suggest that current downward pressure is linked to macroeconomic conditions, including rising inflation and interest rates affecting overall economic confidence.
global investors have turned away from riskier assets amid signs of a US economic slowdown. Trump's continued tariff announcements have sparked another burst of uncertainty, prompting a risk-off stance across markets.
Bitcoin's rally surged above $100,000 in December, driven partly by optimism that the new US administration would promote crypto-friendly measures, including the launch of a strategic bitcoin fund and looser regulation.
Marcel Heinrichsmeier, a crypto assets analyst at DZ Bank, pinned the sell-off squarely on macroeconomic conditions: 'Trump's continued tariff announcements have sparked another burst of uncertainty, prompting a risk-off stance across markets.'
crypto sentiment took another hit last week following news of a massive hack at Bybit, the world's second-largest exchange. Hackers stole approximately $1.5 billion worth of ether tokens, shaking investors' faith in the security of digital assets.
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