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.

Concerns over tariffs and the recent breach of a crypto exchange may be fueling a decline not seen since President Trump’s election victory in November. Investors in cryptocurrencies are seeing red today.

Ripple (XRP/USD) followed Bitcoin's trajectory, mirroring the same breakout structure. After struggling below the $3.36 resistance since mid-January, XRP collapsed at its $2.60 breakout point on February 24, piercing two major support levels in three days.