Bitcoin's recent decline has intensified, and as of Friday 9:39 AM Beijing time, Bitcoin fell by 2.8%, reported at $81,919.70, hitting its lowest level since November 11. Meanwhile, other cryptocurrencies such as Ethereum, Solana, and XRP have also experienced significant drops, with market sentiment turning pessimistic.
This large-scale sell-off in the cryptocurrency market highlights the dramatic shifts in the fate of digital assets. Bitcoin had surged strongly after Trump's election as the US President, especially on Trump's inauguration day on January 20, when the price once reached an all-time high of $109,241. However, the recent continued downturn in Bitcoin prices has raised market concerns about Trump's tough policies and widespread worries over the US economic outlook.
At the same time, a shift in the overall risk appetite of investors has also put pressure on the cryptocurrency market. With the continued decline of the US stock market and consumer confidence data casting doubt on the economic outlook, the S&P 500 index has performed poorly this week, which has further heightened investors' cautious attitude towards risk assets.
