After holding relatively stable during last week’s global market turmoil, cryptocurrencies have joined the sell-off.
Bitcoin, the world’s most popular cryptocurrency dipped below $75,000 Monday morning before seeing a slight rebound.
Bitcoin’s prices haven’t been this low since just after President Donald Trump’s Election Day victory last year launched a bull run in crypto prices. Trump, whose tariff announcements led to massive stock sell offs, has been a major promoter of the crypto industry and previously took credit when bitcoin’s price broke $100,000 in December. Bitcoin has been on a relatively steady slide in price since Trump took office earlier this year.
Bitcoin’s backers say it is a type of digital gold that can act as a hedge against volatility. But Garrick Hileman, an independent cryptocurrency analyst, said bitcoin’s price slide shows that thesis still hasn’t proven to be true.
“It’s just not there today,” he said. “(Bitcoin) trades like a risky tech stock.”
Other major digital assets saw even bigger one-day percentage drops on Monday morning.
Ether, the second most popular crypto token, was trading at about $1,500 on Monday morning. It’s lost about half of its value since Trump’s son, Eric Trump, encouraged his followers on social media to buy ether in early February.
President Trump’s own meme coin, which he launched just before taking office and once hit a high of more than $70, dipped below $8 Monday morning.
Stock prices of crypto-focused companies also saw declines in early trading Monday.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Unlock your free copy of MarketBeat's comprehensive guide to pot stock investing and discover which cannabis companies are poised for growth. Plus, you'll get exclusive access to our daily newsletter with expert stock recommendations from Wall Street's top analysts.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
