Bitcoin down 25% from all-time high as crypto rout worsens
The rout in Bitcoin worsened during Asian trading hours on Friday, sending the cryptocurrency down more than a quarter from the all-time high it set less than six weeks ago as traders dramatically reversed bets that followed the election of US President Donald Trump.
The coin was down 5.5% at $79,627 at 12:05 p.m. in Singapore, after hitting its lowest level since November 10. That was part of a broad rout: Ether, the world’s second-largest cryptocurrency, fell 7.3% while smaller tokens Solana and XRP were down 7.1% and 7.8%, respectively.
The selloff underscores a swift change of fortunes for digital assets, which boomed after Trump’s election win. Bitcoin hit its all-time high of $109,241 on Jan. 20, the day of Trump’s…
