Bitcoin slips under $106,000 to hit its lowest level in months
Bitcoin dropped to its lowest level since June in a continuation of the cryptocurrency’s decline after President Trump threatened new tariffs on China
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Bitcoin fell to its lowest level since June early Friday morning after hitting a record high in early October.
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The largest cryptocurrency fell to $103,745.88 early Friday before gaining some ground later in the morning, according to CoinDesk data. At 9:35 a.m. Bitcoin sat around $105,950.
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Just weeks ago, on Oct. 6, Bitcoin had hit its highest level in the cryptocurrency’s history, reaching a peak of $126,000. But in the last week, the cryptocurrency has declined more than 6.5%.
Bitcoin fell last Friday after President Donald Trump threatened 100% tariffs on some Chinese imports, resulting in what CNN called a “mini crash” with $19 billion in liquidated positions, the outlet reported based on CoinGlass data.
Trump called his proposed tariff rate unsustainable in a Fox Business interview on Friday with Maria Bartiromo. "It's probably not. You know, it could stand. But they forced me to do that."
FxPro chief market analyst Alex Kuptsikevich called today’s drop an “even more dangerous dynamic” after last week's drop because “we are not seeing a slip in a thin market, but rather a massive sell-off in search of a new bottom,” Barron’s reported.
The second largest cryptocurrency Ethereum also saw a drop early Friday, declining about 6%, according to CoinDesk. Binance Coin, the fourth largest cryptocurrency, is down nearly 9.5% in the last 24 hours. In just a week, the crypto market has declined by over $600 billion, Bloomberg reported based on CoinGecko data.