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,

The token’s value has fallen more than 19% since it hit an all-time high of $109,114 on the day of President Donald Trump’s inauguration on Jan. 20. Ether, the second-most valuable crypto asset by market cap, saw an even steeper drop of more than 11% in the previous 24 hours—falling to $2,390 on Tuesday morning.

Investors entered the New Year cheerful about the prospects of a business- and crypto-friendly Trump administration. Yet two months into 2025, US stocks have lagged Europe and Chinese stocks, bitcoin is sliding and concerns about inflation are mounting.