Bitcoin Falls Below $90,000 Amid Market Turmoil and Meme Coin Controversies
Bitcoin’s price dipped below $90,000, marking a 19% decline since Trump’s inauguration, correlating with significant issues in the crypto market. Ether also experienced losses, and meme tokens linked to political figures faced controversies leading to steep price drops. These developments reflect ongoing volatility within the cryptocurrency sector.
On Tuesday, Bitcoin’s price fell below $90,000, reaching its lowest point since mid-November amid a significant downturn in the cryptocurrency sector. This decline follows the largest theft of crypto tokens in history and various controversies related to meme coins. The world’s most valuable cryptocurrency was valued at $88,780, reflecting a decrease of approximately 7.5% within the past day.
Since reaching its all-time high of $109,114 coinciding with President Donald Trump’s inauguration on January 20, Bitcoin’s value has decreased by over 19%. Additionally, Ether, the second-largest cryptocurrency, experienced a more severe drop of over 11%, falling to $2,390. Other notable cryptocurrencies such as Ripple’s XRP, Binance’s BNB, and Solana’s SOL have also seen significant declines of 14.3%, 6.4%, and 15% respectively in a single day.
Just prior to his inauguration, President Trump introduced an official meme coin called $TRUMP on the Solana blockchain. Initially, the token surged past $75 and briefly achieved a market capitalization exceeding $15 billion. As of Tuesday, however, it had plummeted to $12.90, representing a loss of over 14% in the last 24 hours and more than 82% from its peak. The launch disclaimer stated that $TRUMP was not intended as an investment opportunity but merely an expression of support for the president.
Outside of President Trump’s meme coin, Argentinian President Javier Milei faced backlash for promoting the $LIBRA token. His now-deleted post on X claimed to support economic growth by funding small businesses. Despite initial gains for $LIBRA, early investors cashed out, resembling a pump-and-dump scheme, and the price subsequently crashed. President Milei’s indifference to the situation drew numerous fraud complaints against him as he remarked on the inherent risks of investments akin to gambling.
Moreover, Central African Republic President Faustin-Archange Touadéra launched a meme coin as an experiment but witnessed a staggering 97% decline since its inception, highlighting the volatility and risks associated with such assets. Recent events underline the precarious nature of meme tokens and their influence on the broader crypto market.
The decline in Bitcoin’s price below $90,000 is symptomatic of a broader selloff in the cryptocurrency market, exacerbated by significant thefts and controversial meme tokens. Both $TRUMP and $LIBRA reflect the volatility and risks associated with such investments, leading to substantial losses for many investors. This scenario underscores the need for caution and due diligence in the rapidly changing crypto landscape.
Original Source: www.forbes.com
Post Comment