Bitcoin Can't Escape This Trump-fueled Selloff

Dow Jones07-08 20:37

Bitcoin was sliding on Wednesday after President Donald Trump said that the cease-fire between the U.S. and Iran was over, triggering a slump for risk assets.

The world's largest cryptocurrency was down 2.1% to $62,102, putting it on pace for its worst day of the month so far. It was trading more than 50% below the record high it hit in October, per Dow Jones Market Data.

Other digital assets were also struggling. Ethereum declined 2.1%, Solana dropped 5%, and XRP fell 3.7% over the past 24 hours.

The selloff came after Trump signaled that the truce between Washington and Tehran may be done.

"It's a very interesting question," Trump said at the North Atlantic Treaty Organization's summit in Ankara, Turkey, in response to a question about the cease-fire in the Middle East.

"To me, I think it's over. I don't want to deal with them anymore," the president added.

There's no direct link between cryptocurrencies and the Iran war, but Trump's comments weighed on broader risk sentiment. Futures tracking the tech-heavy Nasdaq 100, which in the past has traded in tandem with Bitcoin and its peers, were 1.2% lower on Wednesday.

Crypto stocks also got caught up in the selloff. Digital-asset exchange Coinbase slid 2.8%, online trading platform Robinhood dropped 3.3%, and Bitcoin investor Strategy fell 2.8% ahead of the opening bell.

(END) Dow Jones Newswires

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