The price of Bitcoin (BTC) briefly fell to $90,000 U.S. to begin the trading week as the ongoing selloff in cryptocurrencies worsens.
The price of the largest crypto by market capitalization declined as much as 4% to trade at $90,413.80 U.S. early on Jan. 13, according to data from Coin Metrics.
However, the price has since recovered to trade at $91,600 U.S. Bitcoin declined 7% over the weekend and has lost 11% of its value in the last week.
Unlike stocks, cryptocurrencies trade around the clock, seven days per week.
Other cryptocurrencies also continue to decline, with Ethereum (ETH) falling 7% in the past 24 hours. Crypto stock, such as Bitcoin miner Mara Holdings (MARA), are down about 5%.
The current pullback in crypto prices comes amid renewed inflation fears that have led bond yields to spike.
Traders and investors appear worried about president-elect Donald Trump’s tariff plans, which has led them to move out of risk assets such as crypto.
The worries appear to have led to negative sentiment towards crypto and are now outweighing optimism for pro-crypto Congress and White House in Washington, D.C.
Some analysts are now forecasting turbulence ahead for the crypto sector. Bitcoin’s price rose 120% in 2024 but is down 3% to start the new year.
