Bitcoins <\/p>\n
The price of bitcoin dropped below $80,000 Friday, its lowest level since last November, amid a crypto selloff that has wiped out nearly all of the token\u2019s post-election gains as concerns mount about the economic impact of President Donald Trump\u2019s tariffs.<\/p>\n Bitcoin’s price has fallen more than 25% from its all-time high on Trump’s inauguration day.<\/p>\n <\/fbs-accordion>CFoto\/Future Publishing via Getty Images<\/small><\/figcaption><\/figure>\n The price of bitcoin, the world\u2019s most valuable cryptocurrency, stood at $78,949 early on Friday\u2014after falling more than 8.5% over the past 24 hours.<\/p>\n<\/p><\/div>\n In the past seven days, bitcoin\u2019s price has plummeted nearly 20%.<\/p>\n<\/p><\/div>\n Bitcoin\u2019s slump comes amid a wider crypto market selloff, with the price of Ether\u2014the second most valuable token by market cap\u2014dropping more than 11% in the past 24 hours to around $2,100.<\/p>\n<\/p><\/div>\n The price of the Ripple Labs-linked XRP, Binance\u2019s BNB and Solana\u2019s SOL have tanked 9.2%, 7.3% and 9% respectively in the past day.<\/p>\n<\/div>\n Get Forbes Breaking News Text Alerts: <\/em><\/strong>We\u2019re launching text message alerts so you’ll always know the biggest stories shaping the day\u2019s headlines. Text \u201cAlerts\u201d to (201) 335-0739 or sign up <\/em>here<\/em><\/a>.<\/em><\/p>\n 27.3%. That is how much the price of bitcoin has dropped since it hit an all-time high of $109,114 on Jan. 20, the day of President Donald Trump\u2019s inauguration.<\/p>\n The crypto market selloff comes on the backdrop of a major crypto exchange hack and concerns about the economic impact of Trump\u2019s tariffs. Last week, hackers managed to steal Ether holdings worth nearly $1.5 billion from the exchange Bybit\u2014the largest ever cryptocurrency heist. On Wednesday, the FBI accused<\/a> North Korea-backed hacker groups, TraderTraitor and the Lazarus Group, of carrying out the theft. The agency said the hackers were \u201cproceeding rapidly and have converted some of the stolen assets to Bitcoin and\u2026It is expected these assets will be further laundered and eventually converted to fiat currency.\u201d<\/p>\n Trump\u2019s official meme coin, launched<\/a> just days before his inauguration, has also continued its downward slide amid the market wide rout. On Friday, the price of the $TRUMP meme coin fell to $11.30\u2014a nearly 15% drop in the past 24 hours and 85% below its all-time high of around $75. The token peaked just two days after its official launch, with $TRUMP\u2019s market cap briefly crossing $15 billion, but its price has steadily declined since then. The $TRUMP launch appeared to spur other world leaders to boost similar meme tokens. Earlier this month, Argentinian President Javier Milei promoted $LIBRA token, causing its market cap to surge to $4 billion, before early backers began dumping their holdings. The following crash in LIBRA\u2019s price, which appeared to resemble a pump-and-dump scheme, has triggered lawsuits against the Argentine leader. In a similar move, the president of the Central African Republic\u2014one of Africa\u2019s poorest nations\u2014launched a CAR meme token to raise his country\u2019s profile. The coin\u2019s value has slumped by more than 97% since its launch.<\/p>\nBitcoins Key Facts<\/h2>\n
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