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RG Richardson Interactive
Interactive Finance Dictionary

Bitcoin in the dumps

 

A bitcoin falling downward

Anna Kim

This isn’t what decentralized coin enthusiasts expected in the first 100 days of the new crypto-friendly administration: After President Donald Trump reaffirmed his tariff plans Thursday, Bitcoin traded below $80,000 yesterday for the first time since November, stoking fears that a crypto winter could be coming amid a broader pullback in risky investments.

BTC reached 28% below its high of ~$109k from Inauguration Day yesterday before recovering from a ~7% dive by the afternoon.

  • Still, Bitcoin shed more than 20% in February, marking its worst month since June 2022.
  • Spooked crypto traders offloaded their BTC at a realized loss of ~$1 billion/day for three consecutive days this week, the biggest wipeout since August, CoinDesk reported.
  • Spot Bitcoin ETFs have also lost more than $3 billion since Feb. 18. Traders pulled out $1 billion on Tuesday alone—the biggest single-day outflow since Bitcoin ETFs hit Wall Street.

In total…the crypto market has lost $1 trillion since peaking at $3.72 trillion in mid-December.

What’s driving the rout

Tariff certainty and inflation uncertainty are making investors feel more cautious about turbulent assets, especially crypto.

  • Trade tensions triggered yesterday’s Bitcoin selloff and broader market declines—tariffs of 25% on Canada and Mexico plus another 10% on China will take effect next week, Trump affirmed Thursday.
  • Inflation has also stayed higher than the Federal Reserve would like, so hopes for more interest rate cuts in the near future have largely fizzled, causing traders to pull back.

Undercutting crypto trust, digital currency exchange Bybit lost $1.5 billion ethereum to hackers in the biggest crypto theft ever last week, which contributed to the Bitcoin sell-off.

But in good news for crypto…the SEC delivered on Trump’s campaign promises and decided to drop investigations into crypto exchanges Robinhood and Coinbase over the past week. The agency then declared memecoins like $DOGE—the sixth-largest cryptocurrency—to be collectibles and not securities, putting them outside its regulatory purview.—ML

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