“Once dubbed ‘digital gold’ and considered an alternative to traditional safe assets, the price of Bitcoin has fallen below $80,000 for the first time in about nine months.
According to U.S. cryptocurrency exchange Coinbase, as of 1:30 PM Eastern Time on the 31st (local time), the price of one Bitcoin was approximately $78,309, down about 5% from 24 hours earlier.
This marks the first time Bitcoin has fallen below $80,000 since April 11 last year.
Compared to its all-time high of $126,210.50 on October 6 last year, the price has declined by about 38%.
After hitting that record high, Bitcoin’s price rapidly declined, dropping to the $80,000 level on November 20 last year before successfully rebounding to nearly $98,000 on the 14th of last month.
However, it failed to reach $100,000 and has since turned into a sharp decline again.
Along with Bitcoin, Ethereum, the cryptocurrency with the second-largest market capitalization, fell by about 11% to around $2,394 per unit compared to 24 hours prior. Solana also fell by about 14%.
In the international financial market, with former Federal Reserve Governor Kevin Warsh, who is cautious about lowering the benchmark interest rate, being nominated as the next chairman, expectations for monetary easing have weakened, resulting in a relatively lower investment appeal for cryptocurrencies.
The outflow of money from exchange-traded funds (ETFs) investing in Bitcoin has also contributed to the decline in cryptocurrencies.
Experts predict that Bitcoin’s downward trend will continue for the time being.”