Bitcoin struggles to recover, hits low of $88,159

ISLAMABAD: Bitcoin entered Wednesday’s trade in the red as the price of the world’s largest cryptocurrency dropped to $88,159.55 around 00:55 UTC, marking a decline of $573.73 from its previous day’s close of $88,733.28 on Tuesday.

Notably, this remained the lowest point for Bitcoin until 5:40 UTC, as it did not fall below this level and stayed slightly above it during that time.

However, this does not indicate any significant gains or recovery for Bitcoin. The highest point BTC reached was at around 3:19 UTC, when it was recorded at $89,344.17, reflecting an increase of $610.89.

After 1:55 UTC, Bitcoin mostly stayed in the green, trading above its previous close with some minor fluctuations.

Bitcoin price in USD: As of 5:45 UTC, Bitcoin was priced at $88,792.

Bitcoin price in PKR: In Pakistani currency, the current price of Bitcoin stands at Rs24,734,151 (PKR 24.7 million).

Looking at other cryptocurrencies, Ether was trading in the red, down 0.46 per cent at $2,484.65. Litecoin was up by 3.40 per cent, reaching $118.49. Dogecoin was down by 0.43 per cent, trading around $0.2107, while Binance Coin saw a slight rise of 0.076 per cent, trading at $623.84.

Why is Bitcoin down?

On Tuesday, Bitcoin dropped below $90,000, hitting its lowest level since November 18, as concerns over US tariffs added to the negative sentiment among investors following last week’s $1.5 billion hack of Ether from the Bybit exchange.

Bitcoin, the world’s largest cryptocurrency by market value, was last down 7.25 per cent on the day, at $87,169.76.

Global investors have become increasingly nervous, with signs suggesting the so-called exceptionalism of the US economy may be weakening as President Donald Trump prepares to impose tariffs.

Strong liquidations like this could spark Fear, Uncertainty, and Doubt (FUD) among Bitcoin investors, increasing selling pressure and potentially leading to further declines in BTC prices.

This correction was also driven by last week’s news that the Bybit cryptocurrency exchange had been compromised, with $1.4 billion worth of funds stolen. The hack caused Bybit to lose approximately $2 billion in BTC from its reserves, according to CryptoQuant data.

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