From Marcus Nkire
Bitcoin extended its steep decline on Friday, adding to a bruising week that has wiped out a significant portion of its value.
The cryptocurrency slid close to 14 percent in early trading, hovering near $62,900 at 01:00 GMT. The drop follows a sharp weekend fall that pushed the price below $80,000, continuing a downward trend that has left Bitcoin roughly one-third lower than it was at the start of the year.
The latest downturn comes after a volatile period marked by fading optimism around United States policy. Bitcoin had surged following President Donald Trump’s re-election, with investors betting that Washington would take a lighter regulatory approach to digital assets. The token reached $100,000 for the first time in December 2024 and hit a record above $127,000 last October.
However, momentum has reversed as uncertainty over regulation and global politics has grown. A key Trump-supported bill aimed at establishing new rules for digital asset trading has stalled in the US Senate amid disagreements between financial institutions and crypto companies.
At the same time, the Trump family’s venture, World Liberty Financial, has drawn attention from lawmakers after reporting indicated that intermediaries for an Abu Dhabi official had agreed to invest $500m for a substantial stake in the firm.
Bitcoin’s fall coincided with broad turbulence across financial markets. Major US indices tumbled midweek, with the S&P 500 down 1.2 percent and the Nasdaq Composite falling about 1.6 percent. Amazon’s shares also dropped sharply, more than 11 percent in after-hours trading after its announcement of a $200bn investment in artificial intelligence infrastructure fueled concerns about a potential tech bubble.
Asian markets followed the downward trend. South Korea’s KOSPI index fell around 5 percent, while Australia’s ASX 200 lost more than 1 percent. Japan’s Nikkei 225 slid roughly 1.6 percent.
Commodities were not spared. Precious metals, which surged last year before entering an unstable period, continued to retreat. Gold slipped more than 4 percent to about $4,720 an ounce, while silver registered a much steeper fall of up to 18.5 percent, trading near $69.
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