"Trump trade" cools down! Crypto currency sold off sharply, with Bitcoin falling 25% from its historical high.

As the "Trump trade" fizzled out, Bitcoin fell further during Friday's Asian trading session, dropping 25% from its record high set less than six weeks ago. As of the time of writing, Bitcoin has fallen by 2.6% to $82,220, hitting its lowest level since November 11th of last year. Other tokens such as Ethereum, Solana, and Ripple have also experienced significant drops in the past few days. This sell-off highlights a reversal in the fate of digital assets. Following Donald Trump's victory in the US presidential election last year, digital assets were flourishing. Bitcoin reached a historical high of $109,241 on January 20th, the day of Trump's inauguration, but since then, the price of Bitcoin has plummeted significantly due to market concerns about Trump's tough stance and the US economy. Stefan von Haenisch, head of over-the-counter trading in the Asia-Pacific region for the crypto custody company Bitgo, said: "Given the macro environment, our current situation is not surprising." Traders are still waiting for Trump, widely seen as supportive of cryptocurrencies, to propose specific measures for the industry, including Bitcoin reserves. Cryptocurrencies are also under pressure from a shift in investor risk appetite, as investors have been pulling out of the so-called "Trump trade" in multiple markets. Poor US consumer confidence data has raised doubts about the economic outlook, with the S&P 500 index falling this week. Asian stock markets generally fell on Friday as traders in the region reacted to Trump's latest tariff remarks. Trump announced that a 25% tariff on imports from Canada and Mexico will take effect on March 4th, while Chinese imports will face an additional 10% tariff.