Bitcoin price crash to lowest level since Trump take office

Di Bitcoin price don fall reach di lowest level in 15 months, even though US president Donald Trump dey personally and publicly support cryptocurrency.

One Bitcoin now dey worth $66,000 (£48,700), na di lowest since October 2024, wit di price down by 24% since di start of dis year.

Di drop happun afta months wey Bitcoin price rise, wey make am reach $122,200 for October.

Investors dey encouraged by Trump involvement in di sector and how e dey support cryptocurrencies, as well as di promises to make law easy for di industry.

One of di first action wey Trump take wen e re-enta White House for January 2025, na executive order aimed to make US di "crypto capital of di planet".

For im first year back in office, Trump launch im own personal brand of cyptocurrency, wit most of di profit wey dey go straight to im companies.

And e still continue to dey work wit World Liberty Financial, na like investment vehicle for oda crypto assets wey Trump family get.

During di Trump administration so far, e don sign law to support federal govment backing for crypto, e dissolve one Department of Justice team wey dey focus on enforcing crypto regulation, and di Securities and Exchange Commission don drop crypto-related enforcement and investigations.

Democrats for Senate Judiciary Committee for November bin call out Trump "pro-crypto agenda", dem say di president get crypto wey worth more dan $11bn and e gain personal income of $800mn from crypto since e enta office.

As Bitcoin drop on Thursday, di prices don down by 32% for di last 12 months and e dey move to di price wey e bin dey for early 2024 and 2021.

Bitcoin na di world largest and generally most popular crypto for di world, na digital money wey no dey under any central bank or financial institution control.

Why Bitcoin don lose value?

Bitcoin price tend to dey volatile, but analysts from Deutsche Bank on Wednesday tok say di latest drop hapun becos Trump nominate Kevin Warsh as di new chair for Federal Reserve. Some pipo believe say dis guy go take "hawkish" approach, to keep interest rates high, whereas looser monetary policy tend to dey support investment in assets such as crypto currencies.

Bitcoin price don dey go down for di past four months, Deutsche tok, and negative sentiments don dey grow around cryptocurrency more broadly.

"Dis steady selling show say traditional investors don dey lose interest, and overall pessimism about crypto dey grow," e tok.

Even though Deutsche no tink say crypto go disappear, dem no predict say Bitcoin go reach di high level wey Trump make am reach.

Di bank tok say di digital token dey change from just " purely speculative asset" into more realistic phase as asset.

William Barhydt, chief executive of Abra Capital Management, one investment firm wey dey focus on crypto, agree say cryptocurrency dey grow, but e expect say price go rise again.

"I no go say e must rise, but I no see how e no go rise," Barhydt tok, e point out say dis no be di first time wey Bitcoin don see big changes for value.

"Di only way e no go rise na if war hapun," Barhydt add

Oda popular cryptocurrencies na Ethereum and Solana. Dia prices don drop like roughly 37% in 2006.

According to CoinGecko, wey dey track how thousands of cryptocurrencies dey perform, di market don lose ova $1 trillion in value for di last month, and $2 trillion in value since di market peak for October.

Stifel, Us-based investment and research firm for US, tok say Bitcoin price fit drop reach $38,000. Di firm point to how cryptocurrency dey follow di price of US Dollar closely.

Last week, dollar drop to di lowest point in four years.