(Bloomberg) – Bitcoin rout worsened during Asian negotiation hours on Friday, sending the cryptocurrency dropped by more than a quarter of the top of all time, it set less than six weeks while the traders radically reversed the bets that followed the election of the American president Donald Trump.
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The medal fell from 5.5% to $ 79,627 to 12:05 p.m. in Singapore, after reaching its lowest level since November 10. It was part of a wide rout: the ether, the second world cryptocurrency, dropped by 7.3% while the smaller and XRP tokens were down 7.1% and 7.8%, respectively.
Read: Bitcoin slideshow has traders who hide against a drop at $ 70,000
The sale highlights a rapid change in fortune for digital assets, which exploded after Trump’s electoral victory. Bitcoin reached its summit of $ 109,241 on January 20, on the day of the inauguration of Trump, but he has dropped since then in the concerns of the president’s combative position and wider concerns about the American economy.
“Given the macro environment, it is not surprising to see that we are where we are,” said Stefan von Haenisch, director of over-the-counter merchants in Asia-Pacific at Crypto Custody, Bitgo Inc. Traders is still waiting for the Trump, widely considered favorable to Crypto, he said.
The decline was part of a wide change in risk between investors in Asia, who poured shares following Trump’s last comments on prices. The American president said that 25% prices in Canada and Mexico would come into force from March 4, while Chinese imports are said to be faced with an additional 10% levy. The MSCI AC Asia Pacific index was approximately 2% lower.
This week’s feeling of droppings also reached Bitcoin negotiated funds, investors have withdrawn more than a billion dollars on Tuesday, the biggest outing of a day since their beginnings last year.
The purchase of Bitcoin was a popular “Trump trade” after the US elections. The president said he wanted to make the United States “the cryptographic capital of the planet and the bitcoin superpower of the world”, and investors rushed to the medal after the November elections on the hope that he would do his word.
Merchants are now forced to consider quite to what extent the largest cryptocurrency in the world can fall. There is a support for the part of about $ 70,000, said Ruslan Liardha, market manager of the Youhodler cryptographic platform, indicating technical analysis. But he said that investors should not assume that Bitcoin rout will be so bad.
