Market update: Bitcoin drops below US$80,000

The crypto market remains in the red. In the past 24 hours, the total market capitalization has fallen by as much as 8.5 percent.

Bitcoin has fallen below the $80,000 mark for the first time since last November. Compared to yesterday, the price drop is eight percent. Over the past week, Bitcoin has lost nearly 20 percent.

With altcoins, the losses are even greater. Ethereum is down 11 percent from a day earlier and has fallen more than 20 percent in seven days, reaching $2,100.

Other crypto currencies are also taking big hits. XRP fell ten percent and is back around $2. BNB is still coming off relatively well with an eight percent loss. Solana, Dogecoin and Cardano, on the other hand, fell by up to twelve percent.

The biggest losers among the 100 largest cryptocurrencies are Bittensor (-18 percent), Story (-16 percent) and Official Trump (-15 percent).

The cause of this ongoing correction lies in recent statements by US ex-President Donald Trump. He threatened to impose a 25 percent import tariff on goods from the European Union. This created uncertainty among investors and led to price declines not only in the crypto market but also in traditional financial markets.

The rapid wave of selling caused the Fear-and-Greed Index to plummet and is now at "extreme fear."

The big question now is where is the bottom for Bitcoin? According to a poll on the prediction market Polymarket

a further drop to $70,000 is not out of the question. The odds for that are currently estimated at 50/50.