Bitcoin (BTC) is coming off its worst first quarter in ten years, ending the period down 11.7%, according to NYDIG Research. The cryptocurrency, long considered a proxy for investor risk appetite, has taken a hit as markets pull back amid rising macro uncertainty.
The decline is particularly striking given Bitcoin hit an all-time high of just over $109,000 on January 20, the day of President Donald Trump’s inauguration. Since then, the price has slid steadily, now sitting at $78,400 after breaking below the key $80,000 support level.
Crypto markets are tracking closely with equities, both of which have come under pressure due to concerns over the global impact of U.S. tariffs. Trump’s sweeping trade policy has sparked volatility across asset classes, leading investors to shift into defensive assets like cash and bonds.
Bitcoin had hovered above $80,000 until early April, with many analysts pointing to that level as critical support. With that floor now breached, further downside is expected as fears of recession and a broader market selloff grow.
At 12:40:51 ET, Bitcoin is trading at $78,159.8, down $3,814.9 or 4.65% from the previous session. This snapshot reflects a notable intraday loss during regular trading hours, indicating a downward trend in market sentiment.
This article first appeared on GuruFocus.
