The dominant cryptocurrency fell below US$93,714 on Sunday, pushing the price beneath the closing level reached at the end of last year, when financial markets were rallying following US President Donald Trump’s election victory.
Bitcoin soared to a record US$126,251 on October 6, only to begin tumbling four days later after unexpected comments on tariffs by Trump sent markets into a tailspin worldwide.
The token pared losses to trade at US$94,869 as of 8.39am on Monday in Hong Kong.
“The general market is risk-off,” said Matthew Hougan, the San Francisco-based chief investment officer for Bitwise Asset Management. “Crypto was the canary in the coal mine for that, it was the first to flinch.”
Over the past month, many of the biggest buyers – from exchange-traded fund allocators to corporate treasuries – have quietly stepped back, depriving the market of the flow-driven support that helped propel the token to records earlier this year.
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