2/28/2025–|Last update: 28/2/202506:16 PM (Mecca time)
Bitcoin has declined to its lowest levels in Friday’s transactions in more than 3 and a half months against the background of a fog that surrounds US President Donald Trump’s plans on customs duties and cryptocurrency policy, as well as investor confidence declining after a piracy that targeted the encrypted Ethereum.
Bitcoin – the largest cryptocurrency in the world in terms of market value – decreased in the latest transactions by more than 5% to 79 thousand and 666 dollars, to get off the level of 80 thousand dollars for the first time since November 11.
Bitcoin’s decline came today, Friday, with the increasing sales in the encrypted currency sector amid fluctuations in global markets.
Thus, bitcoin decreases sharply from the standard level it recorded last month and exceeds 109 thousand dollars.
This currency witnessed a significant increase after Donald Trump’s victory in the elections in November after he promised during his election campaign to reduce the laws regulating encrypted currencies and made the United States the capital of cryptocurrencies in the world.
The high value of bitcoin was compatible with the gains in the global markets, but that vitality has decreased in recent weeks amid Trump’s efforts to follow a strict policy represented by imposing customs duties on his country’s partners and threatening to ignite a global trade war.
Its pledges to reduce taxes and reduce immigration also sparked fears of the possibility of the return of inflation, forcing the Federal Reserve (the US Central Bank) to keep interest rates high for a longer period than expected, while recent data indicated the slowdown of the American economy.
Trump said on Thursday that his proposed customs duties of 25% on Mexican and Canadian goods will enter into force next Tuesday, in addition to additional 10% on Chinese imports to overall 20%, in a challenge to the expectations of those who were hoping to extend the postponement of the imposition of these fees.
The moves aimed at avoiding risk during the trading session increased, and the cryptocurrencies became one of the largest losers during the day.
The Ethereum currency also fell by more than 5% to its lowest level in more than 13 months at 2099.37 dollars.
The two encoded works (Bitcoin and Ethereum) are on their way to registering the largest monthly decline since June 2022 after a significant rise in late last year.
“The bitcoin drop below $ 80,000 shows positive opinions about the friendly management of encrypted currencies,” said Joshua Zhou, co -chair of the Hong Kong Web 3 Association.
He added, “It is clear that bitcoin is a risky origin, not (of the origins) of hedging from inflation or digital gold as it is promoted often.”
