Crypto Bear Market Deepens, Erases Year’s Gain for Bitcoin

A little more than a month after reaching an all-time high, Bitcoin has erased the more than 30% gain registered since the start of the year as the exuberance over the pro-crypto stance of the Trump administration fades, Olga Kharif and David Pan reported for Bloomberg News.

Bitcoin soared to a record $126,251 on Oct. 6, only to begin tumbling four days later after unexpected comments on tariffs by Trump sent markets into a worldwide tailspin.

The dominant cryptocurrency fell below $93,714 on Sunday, pushing the price beneath the closing level reached at the end of last year, when financial markets were rallying following President Donald Trump’s election victory.

Bitcoin soared to a record $126,251 on Oct. 6, only to begin tumbling four days later after unexpected comments on tariffs by Trump sent markets into a worldwide tailspin.

The token pared losses to trade at $94,869 as of 8:39 a.m. on Monday in Singapore.

“The general market is risk-off,” said Matthew Hougan, the San Francisco-based chief investment officer for Bitwise Asset Management.

“Crypto was the canary in the coal mine for that; it was the first to flinch.”

Over the past month, many of the biggest buyers — from exchange-traded fund allocators to corporate treasuries — have quietly stepped back, depriving the market of the flow-driven support that helped propel the token to records earlier this year.

At the same time, the recent cooling of high-flying technology stocks has led to a drop in overall risk appetite.