Bitcoin 25% off all-time high as crypto selloff deepens

SINGAPORE — The rout in Bitcoin accelerated in Asian trading hours Friday, with the cryptocurrency down 25 percent from the all-time high it reached less than six weeks ago as traders undo bets that came in the wake of the election of United States President Donald Trump.

The coin pulled back2.6% to US$82,220 at 10. 13am Singapore time, after reaching its lowest since November 11. The tumble was part of a wider fall in cryptocurrencies: Ether, Solana and XRP have also tumbled in recent days.

The selloff reflects a dramatic reversal in fortunes for digital assets that soared after Trump’s election win. Bitcoin reached a high of $109,241 on Jan 20, the day Trump was inaugurated, but has since fallen as fears arose over the President’s combative policy and wider concerns on the US economy.

“Considering the macro environment, it’s not a huge shock that we’re where we’re at,” said Stefan von Haenisch, director of over-the-counter trading in the Asia–Pacific (APAC) region at crypto custody firm Bitgo. Traders are still looking for concrete steps in terms of a Bitcoin stockpile for the sector from Trump, who’s widely seen as supportive of crypto, he said.

Crypto has also faced pressure from a more generalized pullback in risk appetite by investors, who have unwound Trump trades in several markets. The S&P 500 has declined this week, after lacklustre US consumer confidence data stoked questions over the economic outlook.

Friday’s drop followed a slump in shares across Asia, as traders in the region responded to Trump’s latest remarks about tariffs. The American president also said that 25% tariffs will be introduced on Canada and Mexico from the next 4th of March, and that US will charge an additional 10% on Chinese imports.