London February 28 2025: Bitcoin fell to a 3-1/2-month low on Friday, dragged by uncertainty about U.S. President Donald Trump’s tariff plans and crypto policy and flagging investor confidence after a $1.5 billion hack in rival coin ether.
Bitcoin, the world’s largest cryptocurrency by market value, was last down more than 5% on the day at $79,666, trading below $80,000 for the first time since November 11.
“Bitcoin’s fall below $80k shows that positive sentiments from a crypto-friendly administration and high-profile endorsements have run their course,” said Joshua Chu, Co-Chair of the Hong Kong Web3 Association.
The world’s largest cryptocurrency has shed a quarter of its market value since mid-December, when it topped $105,000 on optimism that the Trump administration would champion a strategic bitcoin fund and loosen regulation.
Beyond a flurry of appointments of crypto-friendly officials when he took office, there has been little concrete news around that policy for investors.
“Momentum ran out when there was no fresh news to keep driving the bullish narrative,” said Kyle Rodda, senior financial market analyst at Capital.com.
