Bitcoin drops to 5-month-low amid broader market selloff; crypto down 5.3% | Stock Market News
Source: Live Mint
Bitcoin price today: Cryptocurrency benchmark, Bitcoin prices hit their 5-month-low levels on Monday amid a broader market selloff, which was prompted by investor concerns over the world economy potentially sliding into a recession.
Bitcoin prices were down 5.3 per cent at $77,901.59 as of 10:36 p.m. (IST), according to data collected from the CoinMarketCap website.
Bitcoin fell below the $75,000 mark earlier on Monday, dropping to $74,467.7, which marked a five-month low for the cryptocurrency token. The market capitalisation (M-Cap) dropped more than 4 per cent to $1.55 trillion, as the digital currency was subject to high selling pressure.
Bitcoin trading volumes surged more than 570 per cent on Monday to $100.23 billion, compared to its trading levels 24 hours ago.
The cryptocurrency hit its lifetime high levels at $109,114.88 after US President Donald Trump made his White House comeback, while the all-time low level was at $0.04865, 15 years ago in 2010.
After the crypto slid on April 7, independent cryptocurrency analyst Garrick Hileman told the news portal AP that bitcoin supporters’ thesis that it is a type of “digital gold” has still not been proven to be true amid the global market crash.
“It’s just not there today,” Hileman said. “(Bitcoin) trades like a risky tech stock,” reported the news agency.
Bitcoin’s Rally
After Donald Trump won his second presidential election on November 5, 2024, defeating Democratic nominee Kamala Harris as the Republican leader secured 277 electoral votes, surpassing the necessary threshold of 270, bitcoin skyrocketed.
On April 7, the prices dropped to a new low from the pre-election level. US President Donald Trump has been a big supporter of the crypto industry, leading to the sky-high price of the tokens after his election win.
How did other cryptocurrencies perform?
Other major cryptocurrencies like Ethereum dropped 8.7 per cent on Monday, currently trading at $1,551.23. The M-Cap of the token dropped to $187.96 billion.
Solana token crashed over 6 per cent, and it is now trading at $106.41 levels, CoinMarketCap data showed.
“High risk-off sentiment is canceling out optimism about a more clement environment for coins,” Susannah Streeter, the head of money and markets at Hargreaves Lansdown, told the news agency Reuters highlighting the uncertainty in the cryptocurrency market.
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