Bitcoin Hits New November 2024 Low

The cryptocurrency market faced a significant downturn this Wednesday, with Bitcoin reaching a new low for November 2024. This decline follows a series of unsettling events that have shaken the confidence of crypto enthusiasts worldwide.

Bybit Security Breach and Trump's Tariff Remarks

Among the key factors contributing to this downturn was the recent Bybit drama, where a staggering $1.5 billion was stolen in a security breach. Additionally, remarks made by United States President Donald Trump regarding global tariffs have further dampened the appetite for digital assets among investors.

Market Reaction

Bitcoin briefly traded at $83,310 before shedding 4.60% of its value, selling for $84,499 at 1:47 pm ET. Ethereum also experienced a significant drop, nosediving 7.24% to sell at $2,313.