Crypto Market Sees Big Decline, Bitcoin Price Less Than UsD 82,000

Crypto market is declining due to heavy tariffs on some countries of America and macro economic reasons. The largest cryptocurrency Bitcoin’s price in terms of market value declined by about $ 79,039 on Monday. This is the lowest level since Donald Trump’s election in November.

On the publishing this report, the price of bitcoin on the International Crypto Exchange Binance was reduced by about 1.34 percent to about $ 81,568. The second largest cryptocurrency either had a decline of more than nine percent. The Ether’s price was trading at $ 1,921. In addition, the declining cryptocurrency included solana and XRP. Recently, Trump signed an executive order to create a reserve of bitcoin. However, despite this, there is no recovery in the Crypto market. The big reason for this is not to purchase cryptocurrency for this reserve.

America’s Strategic Bitcoin Reserve will include bitcoins seized by the government. The Crypto Market estimated that bitcoin would be purchased by the US government for this reserve and this would increase demand. However, in the executive order on which Trump has signed, it has been clarified that the amount of taxpayers will not be used to buy cryptocurrency. It also states in this order that bitcoins deposited in the strategic reserve will not be sold. This means that the US government is excluding a part of the supply of bitcoin from the circulation.

Bitcoin exchange-traded funds (ETF) have also affected the decline in the crypto market. Since February, investors have withdrawn about $ 4.4 billion from these ETFs. Crypto’s market capitalization has decreased by more than one million million dollars from its high level. Market experts say that Trump’s side of Crypto has not changed much in the sentiment of this market. Last month, hackers broke into the system of crypto exchange bybit. The cryptocurrency of about $ 1.5 billion was stolen in this hacking. This has shocked the market.