Bitcoin appears to have hit another period of lull after experiencing a major surge after Trump's election victory in the November 2024 elections. After hitting the major milestone of the USD 1,00,000 milestone in December, the cryptocurrency went through a period of slowdown in January.
Bitcoin's Big Drop
However, that period of slowdown was short-lived, as the largest cryptocurrency bounced back to regain the USD 1,00,000 mark. While in the past 6 months, the virtual currency has gained over 36.96 per cent.
The meteoric rise appears to have been blunted by myriad factors of uncertainty. One of them came from the biggest supporter of the cryptoworld in recent times, US President Donald Trump.
This recent lull appears to not be short-lived, as one by one, the wave has trimmed the gains and milestones that Bitcoin has attained in the recent past. In addition, events within the crypto realm like the USD 1.5 billion hack of Bybit have only made things worse. |
Trump, who was proclaimed to be the most crypto-friendly president, has belted out order after the other, which appears to have brought about great amount of volatility to the system.
And as a result of this volatility, many have gone to safer options that are not volatile. When it comes to cryptocurrencies, due to their decentralised and unregulated nature, they are inherently unstable.
This recent lull appears to not be short-lived, as one by one, the wave has trimmed the gains and milestones that Bitcoin has attained in the recent past. In addition, events within the crypto realm like the USD 1.5 billion hack of Bybit have only made things worse.
Decline Of Bitcoin
First, it dropped below the coveted USD 1,00,000, and then the fall continued further. As of the recent week's decline, another major layer has been peeled, bringing the overall down below USD 90,000.
Bitcoin over the past day. | CoinMarketCap
In the most recent trading session, the value of the virtual currency has dipped by 3.28 per cent, as per CoinMarketCap.
Bitcoin over the past week of trade. | CoinMarketCap
In addition, over the past week, the overall of the cryptocurrency has diminished by a mammoth 11.38 per cent, taking the overall value of Bitcoin to USD 86,167.22.
The second biggest cryptocurrency Ether has also seen a major decline in its value, dropping to USD 2,365.22, slowing by USD 400.19 or 14.47 per cent, marking a larger slump in the larger cryto world.
