This is said to be due to a cooling in sentiment. As of 10:40 a.m. on the 11th, Bitcoin was trading at $78,380 (about 115,000 yen), down 3.84% from 24 hours ago on CoinMarketCap.
Bitcoin was trading at a price of 30,000 yen. About an hour ago, Bitcoin had fallen to the 76,800 dollar range. Bitcoin, which had plummeted to around 80,000 dollars the previous day, fell below 80,000 dollars that morning.
After that, the downward trend continued and the $77,000 line collapsed. It was the first time in four months since early November last year that Bitcoin fell below $77,000.
The reason for the sharp drop in Bitcoin prices is the escalating tariff war between the US and China, which has led to growing economic uncertainty.
The price of Bitcoin fell due to investment aversion towards risk assets. China imposed additional tariffs of up to 15% on U.S. agricultural and livestock products the previous day. Earlier this month, U.S. President Trump announced that China
The tariffs are a "retaliatory measure" in response to the imposition of an additional 10% tariff on imported goods from the United States. In an interview with Fox News, President Trump was asked if he expected an economic downturn this year.
In response to the question, President Trump did not deny that a pullback was coming, but rather increased the size of the decline. "There will be a transition," he said, "I think what we're doing is very big."
Matrixport, a cryptocurrency analysis company, said, "The White House-sponsored cryptocurrency summit and the creation of a U.S. Bitcoin reserve are likely to cause a market downturn.
"Bitcoin needs a stronger catalyst to rise," said Ryan Lee, a senior analyst at Bitget Research.
"If the dollar collapses, Bitcoin could fall to $70,000," he said. "On the other hand, if it rebounds from $75,000, it could rise to $85,000."
He added, "We expect a test of the $72,000-$75,000 range in the middle of this week, as the US Federal Open Market Meeting (FOMC) and other macroeconomic events are scheduled."
However, some analysts believe that the possibility of Bitcoin falling below $70,000 is small. Jamie Coutts, chief analyst at cryptocurrency analysis firm RealVision, said, "The world is
"With countries adopting Bitcoin reserves and companies continuing to buy more, the chances of Bitcoin falling below $70,000 are slim," he said. "If Bitcoin falls to the mid-$60,000 range,
"There are problems with the fundamentals of the company itself."
2025/03/11 11:40 KST
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