Why bitcoin is losing its luster after stratospheric rise
The Hindu
Bitcoin, the world's biggest cryptocurrency, sank this week, wiping out gains sparked by Donald Trump's presidential election victory in November 2024.
Bitcoin, the world's biggest cryptocurrency, sank this week, wiping out gains sparked by Donald Trump's presidential election victory in November 2024.
The digital currency slumped to $60,033.01 on Friday before trimming losses, and is down around half from its October peak above $120,000.
Digital currencies soared after Trump's election victory as he was widely viewed as a strong supporter of the technology.
He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.
But the rally suffered a sharp setback in April after Trump announced sweeping US tariffs, rattling markets worldwide.
Bitcoin later resumed its march higher along with stocks and other markets, and hit a record of $126,251.31 six months later.
FPIs became net buyers in February, investing over ₹8,100 crore amid improved risk sentiment and a U.S. trade deal.
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Bitcoin, the world's biggest cryptocurrency, sank this week, wiping out gains sparked by Donald Trump's presidential election victory in November 2024.
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