Fears are growing among Bitcoin investors on Friday after the cryptocurrency’s price fell below the $80,000 threshold.
Bitcoin has crashed by 25 per cent from its all-time high of almost $110,000 per coin, growing fears around the currency.
A bad week for the virtual currency has seen $1 trillion wiped from the combined market, according to reports in Forbes.
Bitcoin holders online have stated their determination to hold firm despite fears of a full-blown market crash.
Crypto expert Markus Thielen commented in an email to subscribers: “Bitcoin follows a textbook ascending broadening wedge pattern, which projects a target price in the low $70,000s.”
Follow our live blog for the latest.
Top points at 4pm
09:56 , Will MataHere are the key points from Friday morning so far:
- Bitcoin has fallen below $80,000 after President Trump’s latest tariff threats triggered a fresh flight from risk.
- It is down by almost a quarter since a peak of $104,000 at the end of January, when demand was boosted by hopes of crypto supportive regulation in the US.
- The souring of sentiment comes as investors worry about the global economic impact of Trump’s plans to impose tariffs on Canada and Mexico from next week.
Bitcoin doing better than last year
16:30 , Will MataBitcoin's value remains significantly above levels seen even this time last year, when its price was around 60,000 dollars (£48,000).
Nonetheless, David Morrison, an analyst at finance services firm Trade Nation, said the crypto sector is "suffering a bit of a meltdown".
"It has certainly unwound most of Bitcoin's gains following Trump's election win in November, when a much friendlier regulatory environment was promised."
The slump in value has not been helped by Mr Trump's decision to launch his so-called meme coin last month, a type of crypto with no use other than for fun or financial speculation.
Mr Trump said at the time: "I don't know much about it other than I launched it, other than it was very successful."
The token, called Trump, has plunged about 85 per cent in value since a brief early spike, prompting widespread backlash even from those within the crypto industry, where commentators labelled it a stunt.
What is crypto?
16:14 , Will MataCrypto is a type of digital money designed to be used over the internet. It does not exist physically, such as dollars or pounds.
You can send and receive crypto with other people - and it is frequently traded for money on platforms called crypto exchanges.
Invented in 2008, Bitcoin is the biggest and oldest token. The next biggest is Ether, better known for the online blockchain network it powers, called Ethereum.
Very few retailers accept crypto as a payment method in the UK, and its real world uses remain limited.
Argentina cryoto economy reeling after $LIBRA collapse
16:10 , William MataArgentina's crypto economy is reeling from the collapse of a cryptocurrency that has raised questions about involvement of the country's president and concerns that foreign investors will be scared away from investing in the South American nation, Reuters has reported.
The crypto crisis marks a dramatic turn of fortune by striking a reputational blow to what has been long regarded as one of Latin America's most significant blockchain communities.
Many Argentines, among the world's top cryptocurrency adopters on a proportional basis, in recent years turned to Bitcoin and stablecoins as a hedge against economic instability and a weakening peso.
The positive scenario began to unravel with an eyebrow-raising post on "X" by President Javier Milei to his nearly 4 million followers, touting an unusual investment in a meme coin, on February 14.
The libertarian Mr Milei said the little-known crypto coin $LIBRA would help reverse Argentina's decades-long spiral into hyperinflation, boost foreign investment and revive the economy.
BlackRock adds bitcoin to model portfolios
16:06 , Will MataBlackRock has added Bitcoin to model portfolios for the first time, according to City Wire.
The investment company has added a 1 per cent to 2 per cent allocation to the $48 billion iShares Bitcoin Trust ETF.
Michael Gates, lead portfolio manager for BlackRock, said: “We believe Bitcoin has long-term investment merit and can potentially provide unique and additive sources of diversification to portfolios.”
Bitcoin value picks up
15:57 , Will MataThe value of Bitcoin has increased over the day, as this graphic shows. According to Google, it is now worth £66,000.
Bitcoin recovers a little...
14:46 , Will MataBitcoin has shown signs of recovery.
The value of the currency is up to around £65,000 as of 2.45pm - having fallen to £62,000 at 8am on Friday.
It had been at £67,000 at midnight.
MicroStrategy and Coinbase lost 1 per cent
14:37 , Will MataCrypto stocks such as MicroStrategy and Coinbase lost 1 per cent on Friday morning, accoridng to Reuters.
Each of the stocks were tracking Bitcoin prices, which fell below $80,000.
Insiders lament 'lack of action'
13:57 , Will MataBitcoin's drastic slump in price deepened on Friday, as a wider cryptocurrency market rout prompted its value to crater by more than a quarter from recent record highs.
The crypto token fell below the 80,000 US dollar (£63,000) benchmark on Friday morning, as most of the gains it had made since Donald Trump won the US election in November were wiped out.
It had peaked at about 109,000 dollars (£86,000) per Bitcoin when Mr Trump was sworn in as president in January, as traders anticipated that his policies would boost its value even further.
But since then, crypto investors have been disappointed by a perceived lack of action on his promises, including an eye-catching pre-inauguration pledge to create a state-run strategic reserve of Bitcoin.
'First sign of bro bubble popping'
13:34 , Will MataEconomists have pointed to the fact that the average daily price of Bitcoin had struggled to break above $97,000 since November, Reuters has reported.
Bank of America analysts said in a note on Friday that this is the first sign of the "bro bubble popping".
The news agency said the hype around crypto in the last couple of years has stemmed from, typically, younger male influencers on social media nicknamed "crypto bros".
'Growth prospects are crumbing'
13:25 , Will MataMatt Simpson, senior market analyst at City Index, has said that Donald Trump’s threat of tariffs and “crumbling growth prospects” have led the price of price of Bitcoin to fall.
He told Reuters: "Inflationary pressures, growth prospects are crumbling and Trump's tariffs are not going away.
“And with Trump's attention (on) anything except deregulating crypto, bitcoin traders are not happy.”
'Strong support zone' for Bitcoin
12:45 , Will MataCrypto expert Ruslan Lienkha has told his followers that Bitcoin will trade at around the $70,000 level.
The chief of markets at bitcoin and crypto platform YouHodler said in emailed comments that the “strong support zone” will likely be established.
“According to technical analysis, the next target for bitcoin’s price is around the $70,000 level, which serves as a strong support zone,” he wrote.
“However, we will only see this level if negative sentiment dominates the equity markets.
“US stock indices have been in the red for several consecutive days, but it is still too early to conclude that the broader uptrend has ended—it could simply be a market correction.”
Fall in Bitcoin value follows Bybit heist
12:20 , Will MataInvestor sentient has been weakened in recent times by the news that cryptocurrency exchange Bybit suffered a $1.5 billion hack.
CNBC reported that this was the largest cryto heist in history and has led to a general lack of faith in the industry.
“It seems that the market has become volatile in reaction to the Bybit incident,” Jeff Mei, chief operating officer at crypto exchange BTSE said in a statement sent to CNBC.
What happened to 'Hawk Tuah girl'?
11:57 , Will MataOne crypto player who has had a bad time of things is Hailey Welch, AKA the Hawk Tuah girl.
$Hawk, her own memecoin, spiked and then came crashing down on its first day of launch.
Welch has hardly been heard from this year.
Here is our report on what (may have) happened to her.
Bitcoin slump on same day as stocks falling
11:34 , Will MataWorld stocks fell to their lowest levels in almost four weeks on Friday, Reuters has reported.
Bitcoin has dropped in value in the context of the dollar hovering near multi-week highs, as the prospect of higher US tariffs sent jitters through markets and revived concerns about an escalating global trade war.
Already on Friday, Bitcoin dipped below $80,000 for the first time in more than three months, following a towering rally late last year on optimism that the Trump administration would boost the asset class.
Bitcoin last changed hands 6.3 per cent weaker at $78,984, hovering around its lowest since November 10.
What investors are saying on Twitter
11:09 , Will MataBitcoin investors on Twitter are trying to keep the faith and urge support for the currency. Here is a round-up of what we have found online:
Reminder: there's also plenty of people who have lost huge amounts of crypto to *loss* rather than theft.
— vitalik.eth (@VitalikButerin) February 28, 2025
Software bug, forgotten password, lost device, paper wallet burned down in LA fire, upgraded device without backing up data .... lots of ways for that to happen.
Because…
Sell a kidney if you must, but keep the Bitcoin.
— Michael Saylor⚡️ (@saylor) February 28, 2025
Watching Bitcoin pic.twitter.com/bNCpXcKhyR
— Paolo Ardoino 🤖 (@paoloardoino) February 28, 2025
No need to panic, bitcoin won't die. 🤷♂️
— CZ 🔶 BNB (@cz_binance) February 26, 2025
'Worst month for Bitcoin in three years'
10:52 , Will MataBitcoin is now on course to experience its worst month in three years, having fallen by 22 per cent - according to News AZ.
It is reportedly the worst month for cryptocurrency since June 2022 when it fell by more than a third.
Data suggests the average buyer is around 18 per cent worse off than they worse in January.
TradingView data has also suggested that more than $1 trillion has been wiped off the crypto market cap.
"Coins and tokens are falling in tandem"
10:21 , Will MataA crypto expert has said that falling broad investor enthusiasm has led to the decline of Bitcoin prices.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “Crypto euphoria is so highly entwined with broad investor enthusiasm that when it’s dented there is nowhere to hide, with coins and tokens falling in tandem.”
No order for US to establish Bitcoin reserve
10:05 , Will MataDonald Trump ordered the creation of a working group to look at the current state of crypto at the end of January.
The executive order asked for a working group to be set up to advise the White House on the best course of action.
The group will be responsible for proposing a framework for US assets within six months, including looking at the creation of a crypto stockpile.
But the order fell short of confirming that America would establish their own Bitcoin reserve as a country – something promised on the campaign trail.
Trump's lack of focus on crypto leaves markets confused
09:51 , Will MataA crypto expert has said that the fall in value has come about amid fears around tech stocks and the threat of tariffs.
Donald Trump has repeatedly mentioned tariffs and not been as clear cut in his crypto ambitions since taking office.
"We're almost in a situation where there is so much news that it's leaving traders paralysed, because they don't know what to focus on, and particularly with Trump, what is a negotiating gambit and what is a serious policy proposal," said Michael Brown, senior research strategist at Pepperstone told Yahoo.
"Given the degree of uncertainty, it does make sense to lighten up on positioning, particularly in riskier assets."
Why has crypto been falling in value?
09:43 , Will MataPrices of Bitcoin spiked when Donald Trump was sworn in as the new president promised an overhaul of crypto procedure.
It was hoped new pro-crypto regulations would be brought in, plus tax cuts and less regulation after he assured the electorate it would be one of his priorities once in office, writes Sian Hewitt.
Mr Trump has been busy since taking office following his inauguration; however, the expected crypto hike has not happened and, in fact, the market value has fallen.
Without clear signals about supporting the market, it started to drop.
There was widespread selling of stock and crypto, with many cryptocurrencies, including Bitcoin, suffering a steep decline
Bad 24 hour period for crypto
09:22 , William MataBitcoin has fallen almost 9 per cent in the last 24 hours, according to Yahoo, while the market as a whole is down 8.6 per cent.
The price of Bitcoin is now around $78,000 - which is around £63,000.
A graphic on Google has shown how the currency has fallen in the past day.
Crash is just month after all time high
09:10 , Will MataBitcoin hit an all-time high on January 20, the day that Donald Trump was inaugurated as US president.
The president promised to make the US the “crypto capital of the planet” and launched his own memecoin $Trump.
Mr Trump posted on social media: “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.”
Bitcoin falls below $80,000
08:51 , Will MataBitcoin remains under pressure on Friday after the cryptocurrency’s price fell below the $80,000 threshold.
It means that the cryptocurrency has now fallen by 25 per cent from its all-time high of almost $110,000 per coin.
Crypto expert Markus Thielen has said that it could fall further.
In an email to subscribers, he wrote: “Bitcoin follows a textbook ascending broadening wedge pattern, which projects a target price in the low $70,000s.”
