Bitcoin’s price plummets below $80,000 mark on a weekend, sparking widespread selloff across the crypto market. The sudden drop has left investors scrambling to make sense of the volatile cryptocurrency landscape.
Another Sunday selloff has taken bitcoin (BTC) back to $80K and within view of its 2025 low. At just past 7:00 pm ET, bitcoin had slumped to exactly $80,000, down 7% over the past 24 hours.
Bitcoin is a decentralized digital currency that operates independently of central banks and governments.
It was created in 2009 by an anonymous individual using the pseudonym Satoshi Nakamoto.
Bitcoin uses a peer-to-peer network to record transactions, eliminating the need for intermediaries like banks.
The total supply of Bitcoin is capped at 21 million, and new coins are generated through a process called mining, which involves solving complex mathematical equations.
The world’s largest crypto did manage a modest bounce from there, trading at $80,700 at press time. However, other major cryptocurrencies are not faring as well. Ether (ETH), solana (SOL) and XRP (XRP) were lower by similar amounts, while cardano (ADA) and dogecoin (DOGE) had plunged closer to 12%.
President Donald Trump acknowledged that the economy could see short-term pain from his policies. In a Fox News appearance on Sunday, he stated, ‘There could be a little disruption.‘ He continued, ‘If you look at China, they have a 100-year perspective … we go by quarters,‘, adding, ‘What we’re doing is building a foundation for the future.‘
This comment has been dubbed ‘Volckering‘ by some on social media — a reference to former Federal Reserve Chairman Paul Volcker. Volcker moved to break the back of a decade-long inflation by jacking up short-term rates to unheard of levels, knowing that this would likely lead to a brutal recession.
In early Sunday evening action, U.S. stock index futures were lower by about 0.85% across the board. The market is clearly reacting to the president’s comments on economic policies and their potential short-term impact.
Note: This article has been updated to reflect the current market situation.
- coindesk.com | Sunday Blues for Bitcoin as It Tumbles Back to $80K
- businessinsider.com | Sunday Blues for Bitcoin as It Tumbles Back to $80K Currency News
