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The Bitcoin price continues to fall. Throughout today, BTC reached a new regional low below $90,000. The largest cryptocurrency is now trading at prices last seen in April. The pessimism predominantly originates from the US. Even Trump’s recent lifting of import tariffs on certain goods cannot stop the negative trend.
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Bitcoin Price Falls below $90,000
The Bitcoin price continues to drop. This morning, BTC fell below $90,000, reaching a regional low of $89,488. The cryptocurrency last traded in this range in April.
- Bitcoin
(BTC) - Price $93,306.00
- Market Cap
$1.86 T
By press time, fresh price gains were already being made. BTC rose to $91,300. Nevertheless, the losses in the daily and weekly trends are still clearly noticeable. Over the last 24 hours, the Bitcoin lost 4.36% of its market value. In the weekly trend, losses of 13% have already occurred.
Alongside Bitcoin, a large part of the crypto market is falling. Only individual projects among the top 100 cryptocurrencies are showing positive figures in the daily or weekly trend. The bears are dominating the current price developments.
It is therefore not surprising that the entire market is also experiencing losses. Since yesterday, it has dropped by 3.79% according to CoinMarketCap and now has a market capitalization of $3.12 trillion.
Falling US Tariffs Cannot Stop Crypto Crash
Amidst the current crypto crash, the US government announced on Friday the reduction of import tariffs on some imports. Through a new decree, US President Donald Trump lifted import tariffs on a range of goods.
Hundreds of foodstuffs and other raw materials like metals are thus exempted from the otherwise applicable import tariffs. The 79-year-old US President had only shortly before promised in an interview with Fox to bring down the increased food prices. Due to Trump’s tariff policy, the costs of foodstuffs like beef or coffee had previously skyrocketed.
In the past, falling import tariffs had a positive effect on the crypto market. This effect, however, the US government could not replicate this time. The negative sentiment is currently too strong.
According to CoinShares, the negative trend is particularly noticeable in the US, while other markets do not show such pessimism. Listed crypto products are losing particularly in the North American country. In Germany, however, they were able to grow.
“The US was responsible for 97% of financial outflows ($1.97 billion), while Germany resisted the global negative trend and recorded inflows of $13.2 million,” CoinShares revealed to CoinPro.
As a reason for the losses, CoinShares blames uncertainty about US monetary policy. On October 29, Jerome Powell had announced in a speech that a further reduction of the US key interest rate in December was controversial within the decisive FOMC committee.
Reactions to this uncertainty are particularly visible among large investors. Both crypto whales and institutional investors are offloading their accumulated cryptocurrencies.
According to James Butterfill, Head of Research at CoinShares, “a combination of monetary policy uncertainties and sales by crypto-native ‘whales’ are the main reasons for this recent negative development,” CoinShares wrote.
Last week, a total of $2 billion flowed out of digital asset ETPs. Institutions primarily sold Bitcoin and Ethereum and diversified their portfolios with altcoins or placed bets on Bitcoin shorts.
