Cryptocurrency Market Plummets, Erasing Three Months of Gains

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Cryptocurrency Market Plummets, Erasing Three Months of Gains
Photo: Mark Humphrey AP/TT

Cryptocurrencies are falling sharply since President Donald Trump threatened with new tariffs and export restrictions in the trade war with China. Three months of rising prices for bitcoin have been erased.

During the night to Saturday, bitcoin, the largest cryptocurrency, was down to 105,000 dollars per bitcoin – the lowest rate since the beginning of July this year.

The decline on Friday was almost 6 percent. On Saturday, it continues downward – even though there has been a certain recovery from the night's low to around 111,000 dollars per bitcoin at 10:30.

The price crash for crypto comes barely a week after bitcoin recorded a new historic record of 125,836 dollars per bitcoin, which was an increase of 34 percent since the turn of the year.

And bitcoin's price increase since Donald Trump's election victory in November last year is, despite the latest days' development, plus 66 percent.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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