Bitcoin, the largest cryptocurrency by market capitalization, has fallen to its lowest level in over three and a half months, dipping below $80,000 for the first time since November 11, 2023. The price recently decreased by more than five percent, reaching $79,666.

This decline coincides with growing uncertainty surrounding U.S. President Joe Biden's administration's plans regarding tariffs and its approach to cryptocurrency regulation.

Additionally, the recent hacking incident involving Ether, another major cryptocurrency, has further eroded investor confidence.

Market analysts are closely monitoring these developments as they could have implications for the broader cryptocurrency market.