Factors Behind Bitcoin’s Recent Price Collapse: Hacks, Political Promises, and Market Volatility
Bitcoin has recently dropped below $89,000, marking its lowest level since November, following a peak of over $108,000 last month. Factors contributing to this drop include unfulfilled political promises from President Trump, a significant hack of the Bybit platform, and the volatile nature of the crypto market.
The cryptocurrency market has recently suffered a significant downturn, with Bitcoin’s price crashing to its lowest level since November, falling below $89,000. This decline has resulted in nearly half a trillion dollars being wiped from the crypto market. Just a month prior, Bitcoin peaked at over $108,000, coinciding with the inauguration of Donald Trump, who positioned himself as a pro-crypto leader.
In summary, the recent Bitcoin price crash can be attributed to several factors, including unmet expectations from the Trump administration, a significant hack on a major cryptocurrency platform, and the broader fragility of the crypto market. As industry experts point out, despite Bitcoin’s status as a dominant cryptocurrency, it still exhibits characteristics of a high-risk asset rather than a safe-haven asset like gold.
Original Source: www.independent.co.uk
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