Bitcoin, the world’s largest cryptocurrency by market capitalisation, has dropped to about $81,300 — its lowest level since November 2024.
The digital currency’s price traded 3.5 percent lower on Monday, dropping to $81,386 as at 10:05 am, according to data from coinmarketcap.com.
On January 20, bitcoin crossed $108,00 ahead of Donald Trump’s inauguration as the president of the United States — the highest in history.
Ethereum, the second-largest cryptocurrency by market cap, also dropped by 2.76 percent to $2,118 on Monday.
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CoinMarketCap also said the global digital currency market cap shrank to $2.62 trillion, recording over $106.93 billion as at 10:00 am.
The drastic drop in price comes barely one week after Trump’s announcement to create a digital currency reserve to support the industry.
Trump had said a presidential working group has been directed to move forward on a crypto strategic reserve that includes Bitcoin, Ethereum, Solana and others.
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“A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” the US president had said.
“I will make sure the US is the Crypto Capital of the World.”
On March 3, cryptocurrency prices surged sharply in less than 24 hours after Trump announced the plan.
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