Bitcoin has fallen under $80,000 for the first time since November amid mounting macroeconomic uncertainty over US President Donald Trump’s proposed tariffs.
On Feb. 27, Bitcoin plummeted to $79,752, according to TradingView data. The price 2.65% decline over the past hour led to $80.28 million in long positions liquidated, per CoinGlass data.
Bitcoin last traded at this level on Nov. 11, just days after Trump was elected US President, amid optimism that his pro-crypto policies would lead a Bitcoin rally in 2025.
Many observers point to macroeconomic uncertainty and concerns over US President Donald Trump’s proposed tariffs as key reasons for Bitcoin’s and the broader crypto market’s decline.
Since Trump’s inauguration on Jan. 20, when Bitcoin hit an all-time high of $109,000, the asset has dropped nearly 26%.
This is a developing story, and further information will be added as it becomes available.