Bitcoin’s value plummeted over 16% in February, marking its worst monthly performance since June 2022. The cryptocurrency dropped to a low of $79,000 on Friday, trading below the $80,000 mark for the first time this year.
President Donald Trump’s announcement of 25% tariffs on Canadian and Mexican goods, as well as an additional 10% tariff on Chinese imports, sparked concerns among investors. Nic Puckrin, financial analyst and founder of the Coin Bureau, said that the “sharp sell-off in crypto” is driven by politics, contradicting Bitcoin’s initial purpose as a non-political asset.
Despite President Trump’s crypto-friendly stances, recent losses have erased gains made since his election. Investors had been optimistic about a looser regulatory environment, but macroeconomic uncertainty and a $1.5 billion crypto exchange hack have contributed to the pullback.
Other crypto stocks fared better on Friday, with Coinbase rising 3.5%, Riot Platforms jumping over 7%, and Strategy climbing over 6%. A key support level to watch is around $71,000, according to Puckrin.
Source: https://finance.yahoo.com/news/bitcoin-falls-nearly-17-in-february-to-cap-worst-month-since-june-2022-220812447.html