In the morning, the world's largest cryptocurrency was at $100,000, and now it has fallen to $98,000. The reason for this drop is believed to be the tariff threats of US President Donald Trump, UNN reports.
Due to tariff threats from U.S. President Donald Trump and general uncertainty, bitcoin lost ground and returned to the price point of $98,000. Investors' risk appetite was also affected by the anticipation of this week's Federal Reserve meeting, where the central bank is expected to leave interest rates at their current level.
On Monday, the cryptocurrency market showed a general decline. The largest decline among the major altcoins was experienced by the $TRUMP token, which dropped by almost 14% to $26,675. Since its launch, when its value exceeded $60, the token has lost about 60% of its price and continued to fall over the past week amid volatile trading.
The high volatility of $TRUMP has had a negative impact on the cryptocurrency sector as a whole, increasing pessimism. The token, which has brought Donald Trump significant profits, has sparked discussions about the ethics of using his influence to manipulate cryptocurrency markets.
The second largest cryptocurrency by capitalization, Ethereum, lost 5.8%, dropping to $3,148.51, while XRP fell by 6.2% to $2.9369. Solana, Cardano, and Polygon lost between 5% and 11%, and among the meme tokens, Dogecoin fell by 9.4%.
Recall
Last week, as the United States prepared for the inauguration of President-elect Donald Trump, bitcoin rose to a historic high of $109,241.