Bitcoin slides more than 5pc to lowest level since November 11
Business
It was last down more than 5% on the day at $79,666
SINGAPORE (Reuters) - Bitcoin dropped to its lowest level in 3-1/2 months on Friday, dragged by uncertainty about U.S. President Donald Trump's tariff plans and crypto policy and flagging investor confidence after a $1.5 billion hack in rival crypto currency ether.
Bitcoin, the world's largest cryptocurrency by market value, was last down more than 5% on the day at $79,666, trading below $80,000 for the first time since November 11.
Global investors have been jittery on signs the so-called exceptionalism of the U.S. economy might be fading, while President Donald Trump prepares to impose tariffs.
Trump indicated on Monday he still plans to slap a 25% levy on imports from Canada and Mexico from early March and, in a sign of unease, safe-haven U.S. Treasury prices have rallied sharply, sending yields to two-month lows.
"The macroeconomic situation has been the main reason for the price decline in the last few hours," said Marcel Heinrichsmeier, crypto assets analyst at DZ Bank.
"The Bybit hack and the memecoin turmoil of the past few weeks have contributed to a generally worse mood in the crypto market than at the beginning of the year."
