Bitcoin (BTC) Price Falls Below $80,000 for the First Time Since November 2024

The increased tension in the crypto market has caused Bitcoin price to fall under $80,000 today, the lowest since November 2024

The increased tension in the crypto market has caused Bitcoin price to fall further today, dropping below the $80,000 mark for the first time since November 2024. It has dropped 8% in the past 24 hours and 27% since hitting an all-time high of $109,114 on 20 January.

One of the key reasons behind why Bitcoin price is down today coincides with increased political and regulatory tension in the U.S. where several states are pushing Bitcoin into their strategic reserve amid market uncertainty.

As per market data, BTC is currently trading near $79,100 with its market cap shrinking to $1.56 trillion.

While Bitcoin retraces, the crypto market is witnessing bloodbath today with major altcoins – ETH, XRP and SOL dropping over 10% in 24 hours. Ethereum (ETH) price has declined 10% today and 23% in the past 7 days while Solana (SOL) price has also taken a hit of 9% today and over 27% in 7 days.

Other mid-cap altcoins – including TAO, IP, VIRTUAL, RAY, TRUMP and LDO – have dropped over 15% while S, PEPE, SEI, AAVE, KASPA, PYTH, LINK and MKR has dropped 13% today.

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As per Coinmarketcap data, the global crypto market today sits at $2.64 trillion, down 7.25% in the past 24 hours.

Also Read: Crypto Market In Utter Panic As BTC Drops Below $80k; Check Live Prices Here