Bitcoin and other cryptocurrencies see prices fall amid global market turmoil

Donald Trump at the Bitcoin 2024 Conference in Nashville, Tennessee (Mark Humphrey/AP)

After holding relatively stable during the recent global market turmoil, cryptocurrencies have joined the sell-off.

Bitcoin, the world’s most popular cryptocurrency dipped below 75,000 dollars (£58,700) on Monday morning before seeing a slight rebound.

Bitcoin’s prices have not been this low since just after President Donald Trump’s election day victory last year when a bull run in crypto prices occurred.

Mr Trump, whose tariff announcements led to massive stock sell-offs, has been a major promoter of the crypto industry and previously took credit when bitcoin’s price broke 100,000 dollars (£78,270) in December.

Bitcoin has been on a relatively steady slide in price since Mr Trump took office earlier this year.

Bitcoin’s backers say it is a type of digital gold that can act as a hedge against volatility. But Garrick Hileman, an independent cryptocurrency analyst, said bitcoin’s price slide shows that thesis still has not proven to be true.

“It’s just not there today,” he said. “(Bitcoin) trades like a risky tech stock.”

Other major digital assets saw even bigger one-day percentage drops on Monday morning.

Ether, the second most popular crypto token, was trading at about 1,500 dollars (£1,174) on Monday morning. It has lost about half of its value since Mr Trump’s son, Eric Trump, encouraged his followers on social media to buy ether in early February.

Mr Trump’s own meme coin, which he launched just before taking office and once hit a high of more than 70 dollars (£54.79), dipped below eight dollars (6.26) on Monday morning.

Stock prices of crypto-focused companies also saw declines in early trading on Monday.