BTC/USD: Bitcoin Prices Dip Below $80,000 as Trump Pump Becomes Trump Dump

Coins on sale! OG coin is now down nearly 30% from its record high after prices extended the painful selloff.

🎢 Bitcoin Drops to $78,000

• Bitcoin prices (BTC/USD) were down sharply Monday morning as traders and investors rushed to offload their risk assets in the wake of new tariffs and new uncertainties. The flagship crypto token fell another 8% in the early trading hours today to $78,000 and was down nearly 30% from its record high of $109,000.
• But that was when the crypto community was euphoric around Trump’s promises of hyper growth, broad adoption and lots of fireworks for the crypto industry.

👋 Bitcoin Wipes All Election Gains

• All Bitcoin gains since the election are now gone as the rally has soured, turning the Trump pump into a Trump slump (or dump?) Not much news has been released from the White House that would support the bullish narrative for the nascent industry. Instead, it’s been mostly silent. Radio silent.
• Trump’s newly-formed crypto working group has been working behind the scenes and has remained tight-lipped on any plans or updates surrounding the introduction of crypto-friendly legislation.

😭 Reactions Across the Board

• And because crypto traders largely dread silence, they figured it’s better to wait it out without holding on to any asset that can drag them underwater. Other big tokens also felt the heat — Ethereum ETHUSD was down more than 9% today to break $2,100 per token. XRP (XRP/USD) floated near $2.
• How long are these challenging times going to last? Markets are eagerly awaiting fresh updates from the White House administration. So that’s one thing that can stir up the space. Another one is favorable economic data, which is looking less and less likely.