Bitcoin and other cryptocurrencies see prices fall amid global market turmoil [View all]

Source: AP

After holding relatively stable during last week’s global market turmoil, cryptocurrencies have joined the sell-off.

Bitcoin, the world’s most popular cryptocurrency dipped below $75,000 Monday morning before seeing a slight rebound.

Bitcoin’s prices haven’t been this low since just after President Donald Trump’s Election Day victory last year launched a bull run in crypto prices. Trump, whose tariff announcements led to massive stock sell offs, has been a major promoter of the crypto industry and previously took credit when bitcoin’s price broke $100,000 in December. Bitcoin has been on a relatively steady slide in price since Trump took office earlier this year.

Bitcoin’s backers say it is a type of digital gold that can act as a hedge against volatility. But Garrick Hileman, an independent cryptocurrency analyst, said bitcoin’s price slide shows that thesis still hasn’t proven to be true.

Read more: https://apnews.com/article/trump-bitcoin-crypto-tariffs-ether-4b59eeac841cb1dd1b71d7fec14be94e