Bitcoin Plunges Below $80K as Trump’s Tariff Threats, Record-Breaking Bybit Hack, and Crypto Scandals Spark Market Turmoil and Investor Sell-Off
Bitcoin and other cryptocurrencies have tumbled in value in recent days, shaken by tariff threats from U.S. President Donald Trump and fresh scandals in the sector.
On Friday, Bitcoin fell below $80,000 for the first time since November, hitting a low of $78,225.84—more than 25% off its peak last month. The drop follows a mass investor sell-off, with many seeking safer assets.
Crypto analyst Simon Peters from eToro noted that sentiment is at rock bottom, citing a $1.5 billion hack on Dubai-based exchange Bybit and escalating U.S. trade tensions with Mexico and Canada. The FBI has linked the Bybit attack to North Korea, calling it the largest crypto heist in history.
Meanwhile, Argentine President Javier Milei is under scrutiny for allegedly endorsing the now-collapsed $LIBRA cryptocurrency, which lost investors billions. Prosecutors are investigating whether he engaged in fraud or other crimes.
Despite branding crypto a “scam” in the past, Trump has since embraced the industry, vowing to make the U.S. the “bitcoin and cryptocurrency capital of the world.” However, his meme coin, $TRUMP, along with First Lady Melania Trump’s $MELANIA token, saw prices crash shortly after launch.
While crypto markets struggle, there was a win for the industry—Coinbase announced that the U.S. SEC has dropped its lawsuit, fulfilling Trump’s promise to ease crypto regulations.
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