Business Desk 
Feb 27, 2025
Adding to the woes of proficient crypto investors, Bitcoin late on Wednesday dropped 5% to stand at $84,201, its lowest since November 2024.
The world's biggest cryptocurrency witnessed another round of significant shedding at 21:56 GMT on Wednesday, a day after it was changing hands at the lowest since early January this year.
Bitcoin fell below $85,000 as concerns over US trade policies weighed on market sentiment, while altcoins like Ethereum, XRP, and Solana dropped up to 7% in Thursday's trade, The Economic Times reported.
"Bitcoin and the broader crypto market are seeing a sharp drawdown amid weak macro sentiment. The asset briefly dropped to $82,300 after reports of US' plans to impose a 25% tariff on the EU. Over 157,000 leveraged traders were liquidated today, totaling $766 million, with longs making up 80% of losses," said Giottus CEO Vikram Subburaj, a crypto geek and an analyst.
Another factor behind the tumbling digital assets was a wave of uncertainty prompted by US President Donald Trump's announcement of the implementation of tariffs on Canada and Mexico, now scheduled to be enacted on April 2, a month later than their original timeline.
As of 10:22am IST Thursday, Bitcoin lost 4.9% to settle at $84,762, whereas runner-ups like Ethereum fell 7.1% to settle at $2,317, accounting for most of the $2.81 trillion loss in the global cryptocurrency market cap during the past 24 hours.
