Bitcoin Price Today
The world's largest cryptocurrency fell as much as 7% to $78,273, its lowest since November 10 and its fifth straight day of decline.
Bitcoin has lost 16% of its value over the past week, marking its biggest weekly decline since the FTX exchange crash in November 2022.
Bitcoin has hit its lowest level since November and is on track for its biggest weekly loss in more than two years. The sell-off comes amid a slump in tech stocks, a $1.5 billion hack and questions about U.S. cryptocurrency policy that have soured sentiment.
Not only Bitcoin, the entire cryptocurrency market also plummeted. According to data from Coingecko, in just one week, the market has 'evaporated' nearly 500 billion USD.
Why did Bitcoin price drop so much?
According to City Index analyst Matt Simpson, there are three main reasons:
Inflationary pressures and weakening economic growth. Investors are concerned that the US economy is losing its 'specialness' and that former President Donald Trump's tariff policies could fuel higher inflation.
Tech stocks are also under pressure, with the Nasdaq Composite Index, which includes many large tech companies, at its lowest level since November. As investors worry about economic growth, they tend to sell off both tech stocks and Bitcoin.
Bybit – the world’s second largest cryptocurrency exchange – has just had its Ethereum worth about $1.5 billion stolen by hackers. This could be the largest cryptocurrency theft ever, shaking the confidence of investors.
Trump's policy changes also affect Bitcoin
When Trump first took office, the market expected his administration to be more favorable to Bitcoin and cryptocurrencies, which helped Bitcoin price approach $110,000 in mid-January.
However, there is still no specific policy on supporting cryptocurrencies. According to Joshua Chu, co-chairman of the Hong Kong Web3 Association, the current decline in Bitcoin prices shows that 'the positive effect of a crypto-friendly government has no longer worked'. He also emphasized that Bitcoin is still a high-risk asset, not the 'digital gold' or 'hedge against inflation' that many people expect.
Ether, the second-largest cryptocurrency by market capitalization, also fell 6% to $2,149.38, its lowest level since January 2024. Trump's memecoin TRUMP, which he issued when he took office, lost 50% of its value, while his wife's MELANIA coin lost 90%.
Money is leaving the market
Investors are also pulling money out of Bitcoin ETFs. This week, a total of $2.27 billion was withdrawn from Bitcoin ETFs in the US.
Bitcoin's failure to surpass $97,000 since November is the first sign that the cryptocurrency bubble may be deflating, Bank of America experts say.
The recent crypto boom has been largely driven by ‘crypto bros’ – young, mostly male, investors who have a strong belief in digital currencies and often promote them heavily on social media. However, that excitement seems to be cooling off.
'It's a combination of macro factors,' said Reuben Conceicao, chief strategy officer at digital wallet company Metasig. 'Rising tariffs, geopolitical uncertainty and war, coupled with the Bybit hack have further undermined confidence.'
The decline also affected cryptocurrency-related stocks in premarket trading in the U.S. Shares of exchange Coinbase and Bitcoin buyer MicroStrategy both fell 2.3%, while mining companies Riot Platforms and MARA Holdings fell about 3.5%.
Source: https://baoquangnam.vn/gia-bitcoin-hom-nay-1-3-2025-giam-manh-nhat-ke-tu-cu-sap-cua-ftx-nam-2022-3149714.html
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