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bitcoin fell to the $90,000 mark at the start of the week, extending weekend losses as investors continued to abandon technology stocks.
The price of the flagship cryptocurrency was last down 4% at $90,413.80, according to Coin Metrics, bringing its losses since Saturday to about 7%. Bitcoin lost 11% last week.
Bitcoin Extends Decline as Growth-Oriented Assets Continue to Take Hit
Ether lost 7% on Monday and the broader crypto market, as measured by the CoinDesk 20 index, fell more than 6%. In pre-market operations, shares of Coinbase and Microstrategy they fell 4% and 5%, respectively. Mara Holdings decreased by 5% and Scientific core fell 3%.
The crypto asset slide began last week after stronger-than-expected payroll numbers sparked a rise in bond yields and in the middle Concerns over President-elect Donald Trump’s tariff plans – Both gave a boost to the dollar while putting pressure on bitcoin and other risk assets.
Investor sentiment was optimistic heading into 2025, with markets hoping for a pro-crypto Congress and White House. That hope had outweighed any concerns about macroeconomic headwinds until last week.
Investors are now warning that the first quarter of this year could be more turbulent for cryptocurrencies than previously anticipated.
The price of Bitcoin grew 120% in 2024, but is down 3% so far in the new year.
