Bitcoin nears $80,000 level in worst month since 2022
The drop puts bitcoin down nearly 20% over the past month — its worst performance over a month since June 2022.
Friday's decline comes a day after President Donald Trump said 25% tariffs on goods from Canada and Mexico, as well as an additional 10% tariff on Chinese imports, are set to go into effect March 4.
Nic Puckrin, financial analyst and founder of The Coin Bureau, said in an email to Yahoo Finance earlier this week that the 'sharp sell-off in crypto on renewed tariff fears shows that Bitcoin, and even altcoins, are now entirely driven by politics.'
'This was never the intention for Bitcoin – indeed, it was designed as an anti-political asset – but this is where we are right now.'
Bitcoin has rallied since the election of Donald Trump, soaring 44% from election day in November to a high of $109,115 on Jan. 19. Investors have been optimistic about the president crypto-friendly stances creating a looser regulatory environment for the industry than the prior administration. Trump has appointed venture capitalist David Sacks to a newly created White House role of crypto czar, and his pick for SEC chair is well-known crypto lawyer Paul Atkins.
But recent losses have partly erased those gains as the so-called Trump trade loses steam. Macroeconomic uncertainty and a $1.5 billion hack of a crypto exchange have contributed to the pullback among investors.
Puckrin said in his commentary Feb. 25, 'If worries over tariffs continue to escalate, bitcoin could continue falling further in the short term,' adding, 'A key support level to watch would then be $71,000.'
Other crypto stocks dropped more modestly Friday. Coinbase fell 1.3%, and Riot Platforms fell 1.6%. Strategy, the largest corporate holder of bitcoin, dropped less than a percentage point.
Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 minutes ago
- Yahoo
The Fox host gushed over the cheeseburger-eating president's 'childlike spirit,' evident in his heaven talk.
Donald Trump should be commended for his 'childlike spirit' on display while negotiating to end Russia's war against Ukraine, Jesse Watters said Tuesday. The Fox News host claimed the president was somewhat serious earlier in the day when he said he was motivated to bring peace to improve his chances of getting into heaven—'and that's why we love him.' 'He has this childlike spirit, this Sunday school school of thought that if you just do good things, there's a chance,' Watters said on The Five. But there's more to Trump that makes him appealing, he went on.
Yahoo
8 minutes ago
- Yahoo
PGA Tour Finalizes 2026 Decision On President Trump Course
PGA Tour Finalizes 2026 Decision On President Trump Course originally appeared on The Spun. For the first time in 10 years, the PGA Tour will reportedly return to Trump National Doral. The news came on Tuesday when the PGA announced next season's Tour schedule which included a stop at Doral in the first weekend of May — one of several signature events between the Masters in April and the start of the PGA Championship on May 11. Doral will play host to the 2026 Miami Championship which will boast a $20 million purse, however there are still some issues to be worked out by new CEO Brian Rolapp and his team. "We're excited to showcase the game's greatest players competing at golf's most iconic venues," he said in a statement (via The PGA moved away from Trump Doral in favor of Mexico City back in 2016 when Trump was first running for office as part of the Republican party. Doral debuted on the Tour way back in 1962. However, issues finding a title sponsor began to pop up after Trump purchased the resort in 2012 and still appear to be plaguing the venue to this day. The PGA is still reportedly looking for a sponsor for next year's tournament so it'll be interesting to see what company decides to step up. Trump Doral has played host to several rival LIV tournaments over each of the last four years but doesn't currently have a spot on the Saudi-backed league's calendar as of right now. More issues could arise On top of the sponsorship troubles, the Miami Championship's placement on the schedule could also pose an issue for the Tour. With where its sandwiched between so many of the year's big events, some of the PGA's top golfers could elect to pass up on an appearance at Doral with five massive tournaments over a six-week stretch — including the first two majors of the year. Time will tell how the Tour's athletes ultimately handle where they choose to participate but it's still noteworthy that the Trump-owned course is coming back to PGA competition. PGA Tour Finalizes 2026 Decision On President Trump Course first appeared on The Spun on Aug 19, 2025 This story was originally reported by The Spun on Aug 19, 2025, where it first appeared.
Yahoo
8 minutes ago
- Yahoo
Bitcoin Sinks as Concerns Over Inflation, Economic Data Mount
Bitcoin sank below $113,000 for the first time since August 2, as investors, fretful about inflation, tariffs, and geopolitical unrest, shied away from cryptocurrencies and other risk-on assets. Bitcoin has been swooning since reaching a record high of $124,128 last Thursday. Ethereum, which neared its own all-time high less than a week ago, was changing hands at about $4,100, down 4.6% from Monday, while XRP and Solana fell 6.7% and 3.5%, respectively. The largest crypto by market value was recently trading at $113,200, down 2.5% over the past 24 hours. 'The pullback looks like a mix of macro jitters and positioning after the recent run-up,' Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote to Decrypt. 'Rising Treasury yields and some stronger-than-expected U.S. economic data have taken a bit of air out of risk assets broadly, and crypto is no exception.' Tuesday's drop dovetailed with wider declines in equities and other risk-on assets ahead of key jobs and economic reports that may influence the U.S. central bank's next decision on interest rates. The Trump Administration has been pressuring the Federal Reserve to lower interest rates. Still, a majority of bankers remained steadfast in keeping rates intact, with inflation ticking upward in recent months and amid worrying signs about the impact of the Trump Administration's trade war. Bitcoin Could Keep Surging to New Highs Into 2026, Says Bernstein On Wednesday, the Fed will release minutes from its last monetary policy meeting in which two directors dissented from the bank's decision to keep interest rates intact between 5.25% and 5.50%. The dissent was the first of its kind since 1993. Markets will be looking anxiously at unemployment claims and key manufacturing reports on Thursday and remarks by Fed Chair Jerome Powell on Friday at the annual Economic Policy Symposium in Jackson Hole, Wyoming, for encouraging signs that could precede a rate cut. Last Tuesday, the Consumer Price Index for July inched up to 2.7% on an annual basis, better than economists predicted, but still well above the U.S. central bank's long-stated 2% goal. Moreover, core prices, which strip out more volatile energy and food products, rose to 3.1%. Bitcoin, Ethereum, XRP Flat as 'Dry Powder' Builds in Stablecoins The bank has left rates untouched since a .50% hike last December, a departure from expectations at the beginning of the year. In comments following the decision, Federal Reserve Chair Jerome Powell said that current inflation readings were "little changed from the beginning of the year," but noted that despite the drop-off in services inflation, "increased tariffs are pushing up prices in some categories of goods.' Major stock indexes continued their downturn with the S&P 500 and tech-heavy Nasdaq declining 0.6% and 1.4%, respectively. In a message to Decrypt, Bitwise Investments Senior Investment Strategist Juan Leon wrote that profit taking from last week's all-time high was leading to 'cascading liquidations from leveraged trades.' Investors have closed $559 million in positions, including $487 million of longs, according to data provider CoinGlass. 'Additionally, equities and other risk assets sold off today, so Bitcoin is being pressured by macro risk off as well,' Leon added. It's testing short-term support levels, so we'll see if it bounces or momentum breaks down.' Sign in to access your portfolio
