Bitcoin plunges after President Trump gives warning

(Dan Tri) - Bitcoin price continues to move away from the psychological threshold of 100,000 USD, while President Trump warns that China is aiming to become the "cryptocurrency center" of the world.

The global cryptocurrency market was shaken again when the price of bitcoin fell sharply, continuing to break through the $100,000 mark. Bitcoin later recovered slightly and is currently trading around the $102,000 mark.

The drop comes after President Donald Trump warned about China's cryptocurrency ambitions. Billionaire Elon Musk also warned that the US is facing a $38 trillion debt default.

Bitcoin prices have surged since President Trump was re-elected on hopes of a new administration that would support the digital currency. However, the rally has stalled in recent months, despite US Treasury Secretary Scott Bessent sending a “positive signal” to the market last week.

Speaking on CBS's 60 Minutes, Mr. Trump said bluntly: "If America doesn't dominate the cryptocurrency field, China will. In this industry, there is only number one, not number two. And right now we are number one - I want to keep that position. Like with AI, America has to be the leader in cryptocurrency."

The US President also emphasized: "China is very involved in this field", referring to recent moves to loosen cryptocurrency regulations in Hong Kong (China). However, cryptocurrency trading and mining activities will still be completely banned in China from 2021.

"Recent speculation that the Federal Open Market Committee (FOMC), which decides interest rates, may refuse another cut this year. In addition, concerns about tariffs and risks in the capital markets have contributed to pushing the market lower," said Gerry O'Shea, an expert at cryptocurrency management company Hashdex.

Earlier, US Federal Reserve (Fed) Chairman Jerome Powell hinted that investors should not expect a rate cut in December.

Bitcoin price continues to fall sharply (Photo: Crypto News).

In addition, experts also believe that the recent price trajectory of bitcoin is influenced by the selling trend of long-term holders. According to data from analytics firm CryptoQuant, long-term investors sold about 405,000 bitcoins in October, equivalent to more than $43 billion.

Against this backdrop, bitcoin, which peaked at nearly $126,000 in late 2024, has now lost momentum. “Bitcoin prices have been flat since July,” Arthur Azizov, founder of B2 Ventures, said in the report.

According to Mr. Azizov, if bitcoin falls below $100,000 and holds this level, the price could slide further to the $93,000-$96,000 range. However, he also said that this is an “extremely important psychological threshold” and the possibility of the price rebounding from this area is high, like in June.

Despite the volatility, Wall Street has continued to pour capital into the cryptocurrency market since the US Securities and Exchange Commission (SEC) gave the green light to a bitcoin ETF in early 2024.

Led by BlackRock, the world's largest asset manager, and other funds, it has collected about 1.5 million bitcoins, worth nearly $160 billion, or more than 7% of the total supply of bitcoin.

However, this huge capital flow has not been able to stop the downward trend, as concerns about monetary policy and macro risks are covering the market.

Source: https://dantri.com.vn/kinh-doanh/bitcoin-lao-doc-sau-khi-tong-thong-trump-dua-loi-canh-bao-20251106105248543.htm