Bitcoin’s value has seen a significant drop, falling from a record high of $109,114.88 on January 20 to as low as $83,741.94 in recent trading. This represents a 23.3% decrease from its peak. Despite reaching over $100,000 as recently as February 7, and being above $96,000 earlier this week, the cryptocurrency has experienced a sharp decline. This downturn is part of a broader market correction, with over $800 billion in nominal value lost from global cryptocurrency markets in recent weeks. The initial surge in Bitcoin’s value was linked to optimism following Trump’s election and his early supportive actions towards crypto, including the SEC’s decision to rescind a 2022 accounting rule. However, as expectations for further pro-crypto policies from the Trump administration have not been met, the market has recalibrated its expectations, leading to the current decline.
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