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Historic Drop in the Cryptocurrency Market: Bitcoin and Altcoins Plunge Sharply, Here are the Details
Bitcoin experienced a historic drop as Asian investors reacted to Trump's escalation of the trade war.
Asian markets are struggling with the potential economic impact of US President Donald Trump's new trade war measures, while Bitcoin and altcoins started the day with a sharp decline.
Bitcoin, which dropped to the levels of 91,200 dollars, managed to rise above 94,000 dollars again.
Sharp Decline Hits Altcoins Harder
Bitcoin (BTC), Ethereum (ETH), and major digital assets including Solana and XRP faced significant selling pressure as traders assessed global economic risks. The majority of altcoins experienced a 20% decline in the last 24 hours.
BTC fell by 8% in early trading hours in Asia, dropping to around $91,200 and showing a slight recovery to $94,000 in Hong Kong afternoon.
ETH saw a sharper drop, falling to the $2100 levels.
While SOL was making moves towards the $177 level, XRP had dropped by 27% to the $1.70 level.
This decline even overshadowed the sharp decline during the Covid pandemic. Experts say it could be the biggest drop in history.
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