SINGAPORE — The rout in Bitcoin worsened during Asian trading hours on Friday, sending it down 25% from the all-time high it set less than six weeks ago as traders reverse bets that followed the election of United States President Donald Trump.
The coin was down 2.6% at US$82,220 at 10.13am in Singapore, after hitting its lowest level since November 11. The move was part of a broad decline in cryptocurrencies: Ether, Solana, and XRP have also plummeted in recent days.
The selloff underscores a swift change of fortunes for digital assets, which boomed after Trump's election win. Bitcoin hit its all-time high of $109,241 on Jan 20, the day of Trump's inauguration, but it has tumbled since then amid worries about the President's combative stance and broader concerns about the US economy.
"Given the macro environment, it's not surprising to see we are where we are," said Stefan von Haenisch, director of over-the-counter trading in Asia–Pacific (APAC) at crypto custody firm Bitgo. Traders are still waiting for Trump, widely seen as supportive of crypto, to come up with concrete steps for the sector including a Bitcoin stockpile, he said.
Crypto has also come under pressure from a wider shift in risk appetite among investors, who have rolled back Trump trades across a variety of markets. The S&P 500 has fallen this week, after tepid US consumer confidence data fuelled questions about the economic outlook.
Friday’s decline came alongside a broad selloff in Asian shares, as traders in the region reacted to Trump’s latest comments on tariffs. The US president said that 25% tariffs on Canada and Mexico would come into force from March 4, while Chinese imports would face a further 10% levy.
