Bitcoin it fell to the $90,000 mark at the start of the week, extending losses over the weekend as investors continued to dump tech stocks.
The price of the leading cryptocurrency was last down 4% at $90,413.80, according to Coin Metrics, bringing its losses since Saturday to about 7%. Bitcoin has lost 11% in the past week.
Bitcoin extends its slide as growth-oriented assets continue to suffer
Ether lost 7% on Monday and the broader crypto market, as measured by CoinDesk 20 index, fell more than 6%. In premarket trading, shares of Coinbase and Microstrategy slipped 4% and 5%, respectively. Mara Holdings fell 5% and Core Scientific retreated by 3%.
The fall in crypto assets began last week after higher-than-expected payroll numbers caused jump in bond yields and in the middle concerns about President-elect Donald Trump’s tariff plans – both gave the dollar a boost, while weighing on bitcoin and other risk assets.
Investor sentiment was upbeat entering 2025, with markets looking forward to Congress and the White House backing crypto technologies. Until last week, that hope outweighed any concerns about macroeconomic-related speed bumps.
Investors are now warning that the first quarter of this year could be more turbulent for cryptocurrencies than previously expected.
Bitcoin price is up 120% in 2024 but is down 3% so far in the new year.
