Bitcoin's losses worsened during Asian trading on Friday, with the currency down more than a quarter from its all-time high set less than six weeks ago as traders sharply reversed bets following the election of U.S. President Donald Trump. Bitcoin fell 5.5% to $79,627, hitting its lowest level since November 10.
Ether, the world's second-largest cryptocurrency, fell 7.3%, while smaller tokens Solana and XRP fell 7.1% and 7.8% respectively. The sell-off highlights the rapidly changing fortunes of digital assets, which boomed following Trump's election.
Bitcoin hit an all-time high of $109,241 on January 20, the day Trump was inaugurated, but has since fallen sharply amid concerns about the president's combative stance and widespread concerns about the U.S. economy.
Cryptocurrency custody company Bitgo Inc. Stefan von Haenisch, head of over-the-counter trading in Asia Pacific, said: “Given the macro environment, it’s not surprising where we are.” He said traders are still waiting for Trump, who is widely seen as pro-cryptocurrency, to propose specific measures for the industry, including a Bitcoin reserve.