Bitcoin 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 around 7%. Bitcoin has lost 11% in the past week.
Ether lost 7% on Monday, and the broader crypto market, as measured by the 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 3%.
The slide in crypto assets began last week after stronger-than-expected payrolls numbers sent bond yields soaring and amid concerns over President-elect Donald Trump’s tariff plans — both of which boosted the dollar while pressuring bitcoin and other risk assets.
Investor sentiment was upbeat heading into 2025, with markets looking forward to a crypto-supportive Congress and White House. Until last week, that hope outweighed any concerns about macroeconomic-related speed bumps, SEEbiz reports.
Investors are now warning that the first quarter of this year could be more turbulent for cryptocurrencies than previously expected.
The price of bitcoin is up 120% in 2024, but is down 3% so far in the new year.
