Route wipes 800 billion dollars from the cryptocurrency market while the fall of bitcoin deepens
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In recent weeks, more than $ 800 billion has been wiped out of the global cryptocurrency markets, as the enthusiasm that has swallowed the crypto industry after the victory of Donald Trump’s election last year flew away.
Bitcoin price on Wednesday fell to as much as $ 3.6 percent to $ 85,600, taking losses in the last month at 15 percent. Other tokens have suffered even greater losses as the crypto assets increase in a wider sale at risk property, and the highest theft of the cryptocurrency of the currency is overthrown by the confidence in the industry.
The traders also became frustrated that Trump did not move faster to bring some reforms he promised on the mark of the campaign.
“Slower than the presentation of any major PRO-CRIPTO policies has led to disappointment,” said Gadi Chait, a manager of investment in Xapo Bank.
Nominal value crypto The industry fell $ 810 billion in January from its high, according to Coinmarketcap.
Investors have taken almost $ 1 billion Bitcoin According to Bloomberg’s data, the funds traded on Exchange, as the deepening of the fall caused a record exodus from a vehicle that helped to record the prices of cryptocurrencies to record the highlights late last year. Trump’s Tariff’s barracks also flooded investors, sending them to rising asset races, including cryptocurrencies.
“There was a re -calibration of expectations regarding the crypto attitude of Trump’s administration,” Chait said.
Some traders hoped that under Trump would now start buying Bitcoin and would quickly bring new rules to encourage large financial institutions to buy crypts.
But the highest move of the new president was Launching the so -called memecoin in January. The price of Token fell 83 percent from a short high, and Trump faced a widespread backdrop due to its launch.
Michael Dempsey, a Venture Capital Firm Compound partner, said Trump “kicked memecoins”, running the way to other politicians to follow the lawsuit “and effectively destroy the market for several months – at least”.
Recent high profile scandals are also found in the industry.
Memecoin promoted by Argentine President at the beginning of this month quickly fell worth, leaving investors facing steep losses, while the launch of Melecoin Melania Trump also pulled criticism. Last week $ 1.5 billion Ethereum, the second largest curve of currency, was stolen from a zero -exchange exchange In the highest to this day, the ruling concern for the safety of digital tokens that keep trading sites.
The price of the Ethereum has dropped 23 percent in the last month, while Solana, token, which represents Blockchain, which hosts most memecoin, has fallen 42 percent.
“What cryptocurrencies currently digest is the end of Memecoin Bum,” said Matt Hougan, Chief Director of Investments in Crypto Asset Manager Bitwise. He added that until the institutional interest in cryptocurrencies returns, “the loss of energy will create a withdrawal on the market.”
