Bitcoin Falls Over 6%, Breaking Below $80,000 Intraday

Bitcoin continues its downward trend, falling below $80,000. This is the first time since November last year.

According to CoinMarketCap, a global virtual asset market tracking site, as of 3:03 PM on the 28th, Bitcoin recorded $80,197.95, down 6.55% compared to the previous trading day (24 hours ago).

Notably, around 11:50 AM, the $80,000 mark was breached, dropping to as low as $79,540. This is the first time since November last year that the price of one Bitcoin has fallen below $80,000.

Bitcoin had risen above $109,000 last month due to expectations surrounding U.S. President Donald Trump. President Trump had announced various pro-virtual asset pledges.

However, the price has been steadily declining since then. The recent drop is attributed to multiple factors.

The Trump administration's virtual asset policies have fallen short of market expectations, and uncertainty is increasing due to the U.S. tariff war. Additionally, incidents such as hacking of virtual asset exchanges are putting pressure on investor sentiment.