According to CNBC, the cryptocurrency fell below $72,300, posting its worst performance since August 20. This was all due to Trump’s statement that the U.S. no longer needs a deal with Iran. On his social media platform Truth Social, he also reminded Vice President James Vance that crime and corruption must be fought in regions governed by Democrats.
Trump is convinced that the days when the U.S. needed a deal with Iran are long gone. According to him, the U.S. has hundreds of billions of dollars and control over the Strait of Hormuz, which plays a key role in the standoff between the two countries.
These comments came immediately after Republicans suffered major setbacks in the midterm elections. Vance and his team attempted to attribute these results to the conflict between the U.S. and Israel, which began back in late February. Although Trump had previously hinted at the possibility of renewed hostilities in the region, the situation has recently seemed to have stalled. According to The Wall Street Journal, Vance, who had been involved in diplomatic negotiations with Iran, intended to hold direct talks with a high-ranking Iranian security official. But following Trump’s tweets, investors became more cautious, leading to a drop in futures on U.S. stock indices.
Currently, at 4:35 p.m. Moscow time, Bitcoin is trading at $72,658, down 1.55% from yesterday. Over the past week, the asset has lost 4.56% of its value; over the past month, the price has fallen by 11.32%; and over the past year, it has declined by 28.63%. Compared to its annual high of $104,000, the price is now 30.1% lower.
Bad news is coming from across the crypto industry. The total market capitalization of all digital assets currently stands at $2.41 trillion, with Bitcoin accounting for 60.6% of that total. Ethereum fell 2.30% to $2,005.53, XRP lost 2.34%, Solana dropped 3.44%, Dogecoin fell 3.81%, Cardano fell 3.79%, and Chainlink fell by 4.34%. Of the 18 largest cryptocurrencies, only UNUS SED LEO was in the green, gaining 0.17%.
The price drop also affected other assets. Gold fell 2.3% to $3,908.92, silver dropped 2.8% to $50.53, and futures on the S&P 500 and Nasdaq 100 fell by 0.7% and 1.3%, respectively. Oil, on the other hand, rose in price: Brent gained 1.3% to $93.97, and WTI rose 0.95% to $87.35.