Alan Suderman, AP Business Writer
After relatively stable during last week’s global market turmoil, cryptocurrency took part in the sale.
Bitcoin, the world’s most popular cryptocurrency, fell below $75,000 Monday morning before seeing a small rebound.
Bitcoin prices have not been this low short since last year’s election day victory of President Donald Trump began the bull run at crypto prices. The announcement of tariffs led to massive stock sales, Trump is a leading promoter in the crypto industry, and previously gained credit in December when Bitcoin price broke $100,000. Bitcoin has been sliding relatively stable prices since Trump took office earlier this year.
Bitcoin backers say it is a type of digital gold that can act as a hedge against volatility. However, independent cryptocurrency analyst Garrick Hileman said the Bitcoin price slides show that the paper has not yet proven true.
“I’m not there today,” he said. “(Bitcoin) trades like a high-risk, high-tech stock.”
Other major digital assets saw an even bigger daily percentage drop on Monday morning.
Ether, the second most popular crypto token, was trading for around $1,500 on Monday morning. About half of its value has been lost since Trump’s son Eric Trump encouraged his followers on social media in early February.
President Trump’s own memecoin launched just before taking office, reaching a high of more than $70 in the past, falling below $8 on Monday morning.
Stock prices of crypto-centric companies also fell in early trading on Monday.
Original issue: April 7, 2025, 1:27pm
