Breaking
Bitcoin 'Surge' Drops 8% in Just One Day... Fluctuating Around $86,000
Summary
- Bitcoin, which had shown a surge following President Donald Trump's mention of strategic cryptocurrency reserves, plunged 8.29% in just one day.
- During the same period, Ethereum and XRP (Ripple) also plummeted by 14.66% and 15.79% respectively, indicating a concurrent drop in major cryptocurrency prices.
- Analysis suggests that the Trump administration's plans to expand tariff impositions have increased uncertainty, negatively impacting the cryptocurrency market.
Bitcoin, which had surged following U.S. President Donald Trump's mention of strategic cryptocurrency reserves, plunged just a day later.
According to cryptocurrency exchange Coinbase on the 3rd (local time), the price of one Bitcoin was $86,252 at 4:20 PM Eastern Time (1:20 PM Pacific Time) that day.
This represents a sharp 8.29% drop from 24 hours earlier. Compared to the previous day when it had surged to the $95,000 range, it's been a roller coaster ride in just one day.
At the same time, Ethereum plunged 14.66% and XRP (Ripple) dropped sharply by 15.79%. Solana and Dogecoin also fell by 18.23% and 14.93% respectively.
President Trump had announced on his social media platform 'Truth Social' the previous day that he had directed a working group to pursue strategic cryptocurrency reserves through an executive order on digital assets.
He added that the strategic reserve cryptocurrencies would include Bitcoin, Ethereum, along with "XRP (Ripple), SOL (Solana), and ADA (Cardano)."
Today's Bitcoin plunge is interpreted as a response to growing uncertainty as the Trump administration expands tariff impositions.
President Trump announced that he plans to implement a 25% tariff on Canada and Mexico starting on the 4th.
Jeong-dong Noh, Hankyung.com reporter dong2@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
