As funds in international markets shift to gold and silver due to geopolitical crises, virtual assets are plunging across the board.
As of 8:10 a.m. on the 6th, on CoinMarketCap, a global coin market tracker, Bitcoin was down 10.92% from 24 hours earlier at $63,543. Ethereum, the No. 2 by market cap, was down 10.47% at $1,897 in transaction. Binance Coin, No. 4 by market cap, was down 9.73% at $623, and Ripple, No. 5 by market cap, was down 17.23% at $1.24, respectively.
In particular, Bitcoin has erased all its gains since Trump's presidential election victory. It has plunged about 50% from the record high set in October last year. Bitcoin climbed from Nov. 2024, when the crypto-friendly Trump won the election, and even hit an all-time high of $126,000 in October last year.
However, since the start of this year, trust in Bitcoin itself has fallen amid geopolitical crises, prompting large outflows. According to data compiled by Bloomberg, $2 billion flowed out of Bitcoin exchange-traded funds (ETFs) over the past month. Over the past three months, more than $5 billion has been withdrawn.
The previous day, after U.S. Treasury Secretary Scott Bessent said there would be no bailout for cryptocurrencies and Michael Burry, known for the film "The Big Short," warned that a Bitcoin-driven financial crisis could arrive, virtual assets have been plunging across the board.