Washington (TDI): Bitcoin sank below $80,000 on Friday for the first time in more than three months as a sell-off in the cryptocurrency sector gathered pace amid volatility in international markets.
The digital currency dropped to as low as $79,525.88 in early Asian trade — its lowest level since November 11 and sharply below from the record above $109,000 seen just last month.
The unit saw an eye-watering rally after Donald Trump’s election victory in November last year as he promised on the campaign trail to ease regulations surrounding digital tokens and vowed to make the United States the crypto capital of the world.
Read More: Bitcoin Drops Below $100,000 Amid Trump’s Tariffs
Bitcoin’s gains were in line with advances across global markets but the euphoria has dulled in recent weeks as Trump has pursued a hardball policy of hammering partners with tariffs and threatening to spark an international trade war.
Read More: Bitcoin Hits $100,000 As Trump Backs Crypto
His pledges to reduce taxes and immigration have also increased concerns that he could reignite inflation, forcing the Federal Reserve to keep interest rates high longer than had been expected, while recent data have showed the US economy is slowing.
