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Bitcoin It fell below the $90,000 mark on Monday as investors continued to dump growth-oriented assets such as crypto and tech stocks.
According to Koin Metrics, the price of the flagship cryptocurrency was 3% lower at $91,827.32 to start the week. Earlier, it was down to $89,259.00. Bitcoin is down 9% in the last week.
Bitcoin extends its slide as growth-oriented assets continue to take a hit
Ether It lost 7% on Monday and the broader crypto market, measured CoinDesk 20 the index has fallen by more than 5%. shares of Coinbase and Microstrategy They decreased by 4% and 3%, respectively. Mara Holdings It decreased by 4% Basic Science It has gone back 2%.
The decline in crypto-assets began last week after stronger-than-expected payroll numbers. rising bond yields and in the middle Concerns about President-elect Donald Trump’s tariff plansboth gave the dollar a boost by putting pressure on bitcoin and other risk assets.
“The need for liquidity is driven by the rise in FX because of the strong year-end numbers for the US economy, the strong stock market and other places where cash is needed in the short term,” said James Davies, co-founder. and CEO of crypto trading platform Crypto Valley Exchange. “If we want bitcoin to act as a currency, we have to accept when it does, and this is one of those times. The US dollar has strengthened and everything else including bitcoin is weaker when measured in dollars.”
Investor sentiment was optimistic heading into 2025, with markets expecting a pro-crypto Congress and White House. That expectation overrode any concerns about macroeconomic-related velocity balances until last week.
Investors are now warning that the first quarter of this year could be more turbulent than expected for crypto.
Bitcoin’s price rose 120% in 2024, but is down 3% so far in the new year.
