Bitcoin plummets below $80,000 amid widespread crypto market selloff
3 Min Read
As of early Friday, Bitcoin was trading at $78,949, reflecting an 8.5% decrease within the past 24 hours. Over the last week, its value has dropped by nearly 20%.
-
An employee watches an electronic signboard displaying the prices of Bitcoin and other cryptocurrencies at the lounge of Bithumb cryptocurrency exchange in Seoul, South Korea, Nov. 21, 2024 (AP Photo/Ahn Young-joon, File)
The value of Bitcoin fell beneath $80,000 on Friday, marking its lowest point since last November as the cryptocurrency market experienced a broad selloff. This decline has wiped out nearly all the gains Bitcoin made post-election, as economic concerns related to President Donald Trump's tariff policies continue to loom.
As of early Friday, Bitcoin was trading at $78,949, reflecting an 8.5% decrease within the past 24 hours. Over the last week, its value has dropped by nearly 20%.
The downturn isn't limited to Bitcoin. Ether, the second-largest cryptocurrency by market capitalization, also saw its value slide by over 11% within 24 hours, settling around $2,100. Other notable cryptocurrencies faced similar declines, with Ripple Labs' XRP falling by 9.2%, Binance's BNB dropping 7.3%, and Solana's SOL losing 9% of its value.
Since reaching an all-time high of $109,114 on January 20—the day of President Trump's inauguration—Bitcoin's value has dropped by 27.3%.
Crypto Exchange Heist
The current market downturn follows a massive security breach at the Bybit crypto exchange, where hackers stole approximately $1.5 billion in Ether, marking the largest cryptocurrency heist to date.
On Wednesday, the FBI identified alleged DPRK-linked hacker groups, TraderTraitor and the Lazarus Group, as the perpetrators.
According to the FBI, the hackers are "proceeding rapidly and have converted some of the stolen assets to Bitcoin and… It is expected these assets will be further laundered and eventually converted to fiat currency."
Read more: FBI claims DPRK behind $1.5 billion crypto heist
Meme Coins Also Hit Hard
Adding to the turmoil, Trump's meme coin, $TRUMP, continued its sharp decline amid the wider market crash. The token fell to $11.30 on Friday, a drop of nearly 15% in the past 24 hours and 85% below its peak of approximately $75. After its launch, $TRUMP's market capitalization briefly surpassed $15 billion, but its value has been on a downward spiral ever since.
The launch of $TRUMP seemingly encouraged other world leaders to introduce similar meme coins. In Argentina, President Javier Milei promoted the $LIBRA token, causing its market cap to surge to $4 billion before early investors sold off their shares, leading to a sharp price drop. The rapid decline has sparked legal actions against Milei, with accusations of market manipulation akin to a pump-and-dump scheme.
Read more: Bitcoin falls below $90,000, hits lowest level since mid-November
Meanwhile, the Central African Republic's president also introduced a meme coin—CAR token—intended to boost the nation's international profile. However, the coin has since lost over 97% of its value.
