As we’ve seen over and over again in recent months, Bitcoin shattered expectations this week. Except this time around, the orange coin didn’t necessarily do what investors had hoped for.
The price of the biggest digital coin took a massive hit, dropping to its lowest level since November as fears over U.S. President Donald Trump’s trade war, plus inflation and interest rate cut expectations, led to a mighty selloff.
CoinGecko shows that the coin is now priced at $84,700—a seven-day drop of more 12%. But its current level comes after a big dip down to as low as $78,393 on Friday.
Is it the end of the bull market? Or is there light at the end of this sizable correction?
ETF movements
Those looking at figures tracking the new American ETFs might think the former. Investors fast cashed out of the new products this week, and Tuesday was their worst day on record, with over $1.1 billion leaving the vehicles.
Investors spooked by Trump’s trade war have sold positions in “risk-on” assets like stocks and crypto, pushing Bitcoin’s price further down as the president continues to plow ahead with his aggressive policy.
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