The rout in Bitcoin worsened on Thursday, sending it down 25% from the all-time high it set less than six weeks ago as traders reverse bets that followed the election of US President Donald Trump.
The coin was down 2.8% at $81,919.70 at 9:39 a.m. in Singapore, after hitting its lowest level since November 11. The move was part of a broad decline in cryptocurrencies: Ether, Solana, and XRP have also plummeted in recent days.
The selloff underscores a swift change of fortunes for digital assets, which boomed after Trump’s election win. Bitcoin hit its all-time high of $109,241 on Jan. 20, the day of Trump’s inauguration, but it has tumbled since then amid worries about the President’s combative stance and broader concerns about the US economy.
Crypto has also come under pressure from a wider shift in risk appetite among investors, who have rolled back Trump trades across a variety of markets. The S&P 500 has declined this week, after tepid US consumer confidence data fueled questions about the economic outlook.
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