Business Desk 
Feb 28, 2025
Discouraging crypto enthusiasts worldwide, Bitcoin on Friday registered a downturn reportedly owing to the new cryptocurrency regulations in the US, falling below the lowest since November last year.
Current value of Bitcoin
The world's largest cryptocurrency, in terms of market value, dipped over 5% in the wee hours of the Friday session at $79,666, below the $80,000 mark it touched on November 11, 2024.
Also prompted by US President Donald Trump's unclear ambitions about tariffs on Canada and Mexico, drowning investor confidence.
Reuters reported that the disheartening development follows a jaw-dropping fraud of $1.5 billion wherein a group of cyber criminals transferred an overwhelming assets in ether, a Bitcoin rival coin.
"Bitcoin's fall below $80k shows that positive sentiments from a crypto-friendly administration and high-profile endorsements have run their course," said Joshua Chu, co-chair of the Hong Kong Web3 Association.
This marks a consecutive tremendous loss, imitating the unfavourable market trends of early Thursday, when Bitcoin shed 5% and traded at $84,201, the lowest since January 2024.
