#bitcoin 💥Bitcoin crashes to $80k as Ether tumbles below $2k. How low can prices get?
Bitcoin just collapsed to $80,000, wiping out over $200 billion from the crypto market in one of the worst single-day crashes over the past year, according to data from CoinGecko.
Ether also crashed, tumbling below $2,000 to trade at $1,992, a level we haven’t seen in over six months. The sudden sell-off came after Donald Trump signed an Executive Order on Thursday, officially launching the Strategic Bitcoin Reserve—a decision you’d expect would boost prices, not tank them.#BitcoinETFs
Friday’s White House Crypto Summit was set to be the big event, but Trump threw a curveball by announcing the reserve ahead of schedule. Traders were betting on a bullish rally, but instead, Bitcoin dropped from $90,000 to $85,000 within minutes of the announcement.#CryptocurrencyWealth
The market reaction was brutal, with options traders unwinding long positions, volatility spiking, and put contracts gaining demand as traders scrambled to hedge against deeper downsides, per data from Coinglass.#BullishNews