This week has seen a decline in Bitcoin with the digital asset hitting a 3-month low, reversing gains that followed the election of U.S. President Donald Trump.
Bitcoin was trading at about $78,700 in trading in Asia, down 5.5% on the day and about 25% lower than an all-time high from December 2024.
Bitcoin 3-month chart as of 28th February 2025 (08:45 GMT)
Bitcoin slips
Bitcoin had enjoyed a surge in prices following Trump’s election victory in November 2024, with Trump having posed himself as a pro-crypto candidate during his campaign.
However, prices have slipped as investors turn-away from assets perceived to be too risky given the weakness in global equity markets and amid uncertainty surrounding the new President’s tariff policy and resolutions to the Russia-Ukraine and Israel-Gaza wars.
Investor sentiment was also soured by news that Bybit, a major cryptocurrency exchange, suffered a $1.5 billion hack in what’s estimated to be the largest crypto heist in history.
Bitcoin ETF activity is still prominent.