Bitcoin's drop is part of a wider rout in which over $800 billion of nominal value "has been wiped off global cryptocurrency markets in recent weeks, as the enthusiasm that swept the crypto industry after Donald Trump's election victory last year ebbs away," the Financial Times wrote today.

President Trump appears determined to fulfil his campaign promise to make the US “the Crypto Capital of the World,” taking aggressive steps to reverse the federal government’s prior anti-crypto stance. This is playing out across several legislative, judicial, and executive actions.

The original cryptocurrency has fallen 28% from its all-time high of $109,000 just last month, tumbling to $78,000 on Friday. The currency’s recent downturn is symptomatic of economic pressures that have been weighing on the crypto and stock markets for the last few weeks,