ALBAWABA – Bitcoin, the world’s first decentralized cryptocurrency, dropped approximately 5%, reaching $84,201.
Bitcoin price declines
Bitcoin, the world’s largest and most well-known cryptocurrency, fell nearly 5% to $84,201. Meanwhile, Ether — the native cryptocurrency of Ethereum, a decentralized blockchain with smart contract functionality — rose 1.58%, according to Reuters.
Notably, the market experienced a continued selling wave following a hack last week, in which nearly $1.5 billion worth of Ether was stolen from Bybit, a global cryptocurrency exchange platform.
Last month, the cryptocurrency dropped as well due to the latest regulations and tariffs imposed by the US President Donald Trump. (Shutterstock)
This latest drop in Bitcoin’s value is the first since the boost it experienced following the inauguration of US President Donald Trump. At that time, Bitcoin was 20% higher than its current level.
This is not the first decline
Last month, the cryptocurrency dropped as well due to the latest regulations and tariffs imposed by the US President Donald Trump on Canada and Mexico, the crypto market experienced major liquidations, with over $2.2 billion lost.
More than $188 billion was wiped out from the entire market, with Bitcoin, Ethereum, Solana, BNB, XRP, and DOGE all facing significant losses.
It is worth mentioning that Bitcoin recorded a 6.5% loss back then, dropping to $93,600, while Ethereum saw a decline of more than 20%, and XRP, on the other hand, experienced a loss of approximately 22.1%
