The value of bitcoin is falling dramatically amid major worries in the market.
Bitcoin’s value has dropped around 7 per cent over the last day, with much of that fall coming in the last hour.
Other crypto fell even more. Ethereum – the second largest digital currency – has lost 12.7 per cent of its value in the last 24 hours, and the market as a whole is down almost 8 per cent.
The fall in bitcoin still only takes the price back to where it stood in November, however, after it experienced a dramatic rise in value in the wake of the election of Donald Trump.
In advance of the election and since, Mr Trump and those around him have publicly committed to the crypto market – boosting market confidence and leading to dramatic rises in its value.
Mr Trump has even personally entered the crypto market. Last month, he and his wife launched $Trump and $Melania memecoins, which brought such activity to the market that it surged half a trillion dollars in a week.
The price has not been entirely impervious to shocks from Mr Trump, however. Earlier this month, the crypto market suffered its worst day in over a year, plunging after Donald Trump announced new tariffs on Canada, Mexico and China.
