Cryptocurrencies and actions related to cryptography would have dropped alongside the S&P 500 index in the midst of the concerns of merchants concerning a world trade war and a possible recession.
Bitcoin has lost more than 10% of its value and ether has lost more than 45% since the start of the quarter, Bloomberg reported Monday March 31).
The report added that four actions in the cryptographic industry – Jamming,, Riot platforms,, Scientific core And Digital galaxy – fell below where they were the election day of President Donald Trump.
Before their recent fall, cryptocurrencies and actions related to cryptography increased in value at the start of the year in the middle of optimism concerning the election of Trump, according to the report. The Bitcoin price reached a record on the day of the inauguration of Trump.
The report awarded the recent drop in Trump’s trade wars disturbing the wider economy, and its actions on the crypto are not below the hopes of crypto lovers, according to the report. Although Trump has created a Bitcoin strategic reserve, he did not authorize the use of taxpayers’ money to extend it, depending on the report.
The decline is not due to problems concerning the crypto itself, because the concerns of traders concerning the economy have also led the S&P 500 index to what could be its worst quarter since mid-2022, according to the report.
The report added that if some crypto enthusiasts consider that Bitcoin is “digital gold”, cryptocurrency has not been adopted as coverage against inflation. While Bitcoin has fallen, Gold has obtained his best quarterly return since 1986, according to the report.
It was reported in February that the global cryptocurrency markets had lost more than $ 800 billion in the previous few weeks while the enthusiasm of the crypto sector which came with Trump’s electoral victory began to fade.
At that time, merchants were frustrated by Trump’s speed to follow some of his campaign promises and concerned about record hacking of the Go through Cryptocurrency exchange.
Shortly before the inauguration of Trump on January 20, it was reported that the Bitcoin price had jumped 48% since the presidential election of November 5 due to the expected pro-scriptto policies of Trump and a wider rally of risky assets motivated by the expectations of investors according to which the federal reserve makes new interest rate reductions.
