Bitcoin Sinks Below $84K
Bitcoin and the altcoin market plunged to their session lows on Wednesday following President Donald Trumpβs announcement during his first cabinet meeting that he intends to impose a 25 percent tariff on the European Union
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The pioneer crypto asset dropped more than 5% to below $84,000.Β The larger digital assets market dipped by 2.3 percent on Wednesday. β
We have decided on a course of action and will make the announcement shortly. It will be twenty-five percent,β Trump declared.
There were cries that the recent market selloff might have been the bottom. Market optimism appears to have been dampened by Trumpβs plans for EU tariffs.
In addition, US-based spot Bitcoin ETFs have been in a terrible situation due to the large scale of withdrawals.
11 Bitcoin funds saw a net outflow of $938 million, their sixth consecutive trading day of outflows as shown on Coinglass. The ETF exodus comes after a crypto market meltdown that saw Bitcoin fall 4% yesterday from an intraday high of over $92K to a 24-hour low of $83.5K.
The Fidelity Wise Origin Bitcoin Fund (FBTC) was the biggest loser of the day, with $344.7 million in withdrawals, setting a new ETF outflow record.
BlackRockβs iShares Bitcoin Trust (IBIT) came in second place with a $164.04 million outflow.
Grayscaleβs two funds net lost $151.9 million, which was divided between $66.1 million from its Grayscale Bitcoin Trust (GBTC) and $85.8 million from its Bitcoin Mini Trust ETF. The Bitwise Bitcoin ETF (BITB) lost $88.3 million.
Bitcoin market correction was amplified by Fridayβs $1.49 billion hack against the cryptocurrency exchange Bybit.
Bitcoin fell from nearly $100,000 to $97,370 when the hack was made public.
The pioneer crypto asset made a modest comeback over the weekend, settling back into the $96,000 range until Mondayβ.
Bitcoin maintained the consolidation pattern it had seen over the previous ninety days or so over the weekend. However, BTC started a new downward trend Monday evening, driven by President Donald Trumpβs comments regarding trade restrictions on Mexico and Canada.
The president announced that the import duties on both nations would resume next week following a month-long delay in their implementation.
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