Bitcoin Plunges as Crypto Fans Didn’t Get Everything They Wanted From Trump
The price of bitcoin hit a record high of $109,114.88 during intraday trading on January 20, but has plummeted since and is now at its lowest level in several weeks. The drop is part of a wider rout in global cryptocurrency markets that has wiped off over $800 billion in nominal value in recent weeks. Bitcoin's price had been above $100,000 as recently as February 7, and was over $96,000 on Monday this week.
- The disappointment among crypto investors highlights the challenges of predicting the impact of policy changes on market sentiment, particularly in highly speculative asset classes like cryptocurrency.
- Can a similar surge in enthusiasm be generated if future administrations implement policies that better align with the interests of the crypto industry?