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Bitcoin’s prices haven’t been this low since just after
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.
“It’s just not there today,” he said. “(Bitcoin) trades like a
risky tech stock.”
Other major digital assets saw even bigger one-day percentage
drops on Monday morning.
Ether, the second most popular crypto token, was trading at
about $1,500 on Monday morning. It’s lost about half of its
value since Trump’s son, Eric Trump, encouraged his followers on
social media to buy ether in early February.
President Trump’s own meme coin, which he launched just before
taking office and once hit a high of more than $70, dipped below
$8 Monday morning.
Stock prices of crypto-focused companies also saw declines in
early trading Monday.
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