Bitcoin It briefly fell below the $90,000 milestone on Monday as investors continued to dump growth-oriented assets such as crypto and tech stocks.
The price of the flagship cryptocurrency fell 2% to $92,567.84 earlier this week, according to Coin Metrics. It had previously fallen to $89,259.00. Bitcoin has fallen 9% over the past week.
Bitcoin widens its decline as growth-oriented assets continue to take a hit
ether It fell 7% on Monday, while the broader crypto market as measured by the CoinDesk 20 index fell more than 5%. shares of coinbase and micro strategy They fell 4% and 3%, respectively. Mara Holdings decreased by 4%, core scientific It fell by 2%.
Cryptocurrency declines began last week amid higher-than-expected payrolls that caused bond yields to spike and concerns about President-elect Donald Trump’s tariff plans, both of which pushed the dollar higher, while Bitcoin and This put pressure on other risk assets.
Co-founder James Davis said: “The need for liquidity is due to a strong US economy at the end of the year, a strong stock market rebound, a sharp rise in foreign exchange rates, and a short-term need for capital. There are other places.” He is also the CEO of the cryptocurrency trading platform Crypto Valley Exchange. “If you want Bitcoin to function like a currency, you have to accept it when it happens, and this is one of those times. Measured in dollars, the U.S. dollar has strengthened, including Bitcoin. Everything else is cheaper.”
Investor sentiment was optimistic heading into 2025, with the market expecting Congress and the White House to be pro-cryptocurrency. Until last week, those expectations outweighed concerns about macroeconomic speed bumps.
Investors are now warning that the first quarter of this year could be more turbulent for cryptocurrencies than previously expected.
Bitcoin prices rose 120% in 2024, but have fallen 3% so far since the start of the new year.