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ZyCrypto 2025-02-28 13:55:00

Bitcoin Crashes Further Below $80,000 As Crypto Market Rout Reverses Nearly All Post-Election Gains

Bitcoin Crashes Further Below $80,000 As Crypto Market Rout Reverses Nearly All Post-Election Gains

The world’s most popular cryptocurrency, Bitcoin slid to a new yearly low on Friday morning as fresh U.S. tariffs on China added to an already tumultuous week for cryptocurrencies. Crypto Markets Tumble Into A Sea Of Red BTC fell below the $80,000 level for the first time since November 10 amid growing macroeconomic tension over U.S. President Donald Trump’s proposed trade tariffs. The leading crypto asset plunged to as low as $78,393, according to CoinGecko data. At press time, the price had bounced a hair to $79,330, lower by 8% over the past 24 hours. BTC is now roughly 30% since reaching its January peak of above $108,700. The wider crypto market has slumped to $2.73 trillion, down 9.5% over the last 24 hours. Ethereum (ETH), the industry’s second-biggest crypto asset, is down 10.5% to $2,109 — a more than 14-month low. Dogecoin and Cardano have been the hardest hit altcoins among the top 10 by market cap, both falling 11.2% during the day, CoinGecko data shows. Ripple-promoted cryptocurrency XRP also saw a double-digit drop, while Solana (SOL) dipped 8.5%. More than $932 million in crypto-leveraged positions were liquidated over the past 24 hours, according to data from Coinglass, indicating forced selling further contributed to the bloodbath. $70,000 Is Now A Possibility According to Wolfe Research, the foremost crypto could fall to $70,000 if it does not strongly rebound above the $90,000 mark. Wolfe analyst Read Harvey warned that breaking below the key $91,000 support indicated a bearish turn. “$91,000 acted as the floor over the past several months. With that level now decisively taken out, anything less than another V-shaped oversold response would send a very bearish message. So far not so good,” Harvey reportedly told CNBC. Bitcoin hasn’t traded at the $70,000 price level since Nov. 5, after election polling results looked favorable for pro-crypto Trump. However, investor sentiment hit after President Trump announced on Thursday that tariffs on Canadian and Mexican imports would move forward as planned, doubling the 10% universal tariff charged on imports from China. The president’s move reignited concerns over inflation and economic growth, weighing on risk assets like crypto. Meanwhile, pseudonymous crypto analyst Rager is not fretting over the crash. The analyst told his 201.6K followers on the X social media platform that it “wouldn’t be abnormal to drop to mid to low $70ks.” “Pretty normal in prior cycles, even during bull markets, for Bitcoin to drop -30% to -40%. IMO, we see everything at higher prices in a month from now regardless,” Rager quipped.

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