The price of Bitcoin plunged under $90,000, reaching levels not seen since mid-November, marking a reversal of gains that had followed Donald Trump's presidential victory.
The cryptocurrency experienced a sharp decline of up to 8.5%, its most significant single-day drop since August. By Tuesday at 11:20 a.m. in New York, Bitcoin was trading at $86,805, down 7.6%. The downturn affected other digital currencies as well, with Ether, XRP, and Solana experiencing even steeper declines during the trading session. A benchmark index measuring the performance of major cryptocurrencies was headed toward its biggest four-day decline since early August.
Rebecca Patterson, a senior fellow at the Council on Foreign Relations and former chief investment strategist at Bridgewater Associates, joined Bloomberg Radio hosts Tom Keene and Paul Sweeney to analyze the selloff and its implications for the cryptocurrency market as a whole.
But there's important reasons not to fall for this trick - this is where the rich fool the average uninformed investor into selling out of fear, buy their coins cheap before the next bull run - and the next one may be the biggest yet! Do you really want to have no Bitcoin when this happens?
But there's important reasons not to fall for this trick - this is where the rich fool the average uninformed investor into selling out of fear, buy their coins cheap before the next bull run - and the next one may be the biggest yet! Do you really want to have no Bitcoin when this happens?
Video Courtesy of Bloomberg
