The global financial crisis, worsened by President Trump's tariffs, has severely impacted Bitcoin's market value. Following a spike in prices post-election, Bitcoin has plummeted from around $86,000 to approximately $75,000, illustrating the growing economic uncertainty. A major sell-off occurred, with $401 million withdrawn from Bitcoin alone within 24 hours. Analysts are watching closely for potential recovery or further decline, referencing the loss of crucial support levels and speculating on future trends in cryptocurrency amidst this financial turmoil.
"Bitcoin has recently lost the key $79,000 to $80,000 support level, which it had managed to hold for the past month. This support level had marked the bottom of the range after the all-time-high pullback."
"In 24 hours, investors withdrew a whopping $401 million in Bitcoin and more than $340 million worth of Ethereum, per analysis from the blockchain site Coinglass."
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