Bitcoin plunges 25% from record high
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The news: The world's largest cryptocurrency Bitcoin slumped to just above USD80,000 ($129,000) on Friday, 25% below its peak of USD109,241 less than six weeks ago.
The numbers: The coin was down 4.3% to USD80,675 at 2pm AEDT, according to Bloomberg data, which is its lowest level since November last year.
The context: Other crytocurrencies such as Ether, Solana and XRP have tracked Bitcoin's decline in recent days.
The selloff stems from changing sentiment around US President Donald Trump and so-called Trump trades. Bitcoin and other crypto assets surged following his election in November and hit a record high on the day of his inauguration on 20 January.
Since then, crypto has been hit by a rollback of risk appetite among investors amid concerns about the president's aggressive tariff announcements and the US economy more broadly.
The source: Bloomberg
