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Bitcoin weakened last month in the midst of rising volatility in the financial markets, the fault of the fear of a global trade war.Photo: Dado Ruvić/Reuters
Bitcoin has recorded its biggest monthly loss since June 2022 and pushes it on a Bears market like the euphoria over cryptocurrencies after the election profit of Donald Trump faded.
The price of Bitcoin fell by 17.5% in February, the largest monthly decrease since June 2022, and the 11th worst month in the past decade, while negative sentiment grabbed the financial markets.
The world’s largest crypto-asset ended on February at about $ 84,252 (£ 67,010), with a low three months of approximately $ 78,273 during the trade on Friday.
Bitcoin has now fallen more than 20% below the record high of $ 109,071, in mid -January, which puts it in a technical bear market.
Bitcoin weakened in the midst of rising volatility in the financial markets, the fault of the fear of a worldwide trade war when Donald Trump promised to impose new rates on import from Canada, Mexico and China this week.
After being driven up by the “Trump -dealer” that feeding the markets after the elections last November, Crypto stumbled as shares on Wall Street and the US dollar, also weakened in February.
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Cryptocurrencies rose after Trump’s election profit, driven by speculation that the White House would take a pro-Crypto approach and create a Bitcoin Strategic Reserve.
However, that optimism was blurred, while traders were waiting for a clear pro-Crypto control framework of the Trump administration. Sentiment was also injured by a cyber attack on the Bybit exchange in which $ 1.5 billion in digital assets was stolen in February.
Susannah Streeter, the head of money and markets at Hargreaves Lansdown, said that the cryptomarkt continued to be damaged by a wave of negative sentiment.
“The bears have come around the cryptomarkt, with crypto that falls 20% compared to his recent peak.”
Streeter added: “The aggressive trade approach of Donald Trump has led to concern for investors who run away from riskier assets, and the enormous hack of the Bybit intervention in Dubai has also rattled the sentiment. Without a strong moving of Trump to show his support for the crypto sector, the nervousness seems to be going on. “
Bitcoin has recovered from Sharp Monthly Falls in the past. In June 2022, the worst month, it fell by 41% from $ 31,700 to $ 18,700 before it jumped with 26% in July.
Crypto prizes collected Sunday after Trump announced the names of three cryptocurrencies that would be included in a new American strategic reserve.
Trump said his Executive Order would create a stock of currencies on digital assets in January, including XRP (Ripple), Sol (Solana) and Ada (Cardano), which caused an increase of all three.
