Bitcoin plummeted more than 3%, recording its lowest level in 15 months.
As of 7:43 a.m. on the 5th (Korea time), Bitcoin is trading at $72,964, down 3.83% from the previous trading day. This is the lowest level since Donald Trump, who ran in the U.S. presidential election saying he would become the "coin president," was elected in November 2024. Compared to the peak in October last year, the decline exceeds 40%.
The reputation of once being called 'digital gold' and being evaluated as a safe asset appears to be fading.
[.....]
According to Bloomberg News on the 3rd (local time), a Substack newsletter stated, "As Bitcoin breaks through major support levels, 'sickening scenarios' leading to massive value destruction have come into view."
He evaluated that expectations for Bitcoin to serve as a store of value as 'digital gold' are wavering. This is because amid geopolitical tensions and concerns about dollar weakness, gold and silver prices continue to strengthen, but Bitcoin has been unable to keep up. He analyzed this as "revealing that it is a pure speculative asset."
