Cryptoverse: Bitcoin’s bear market hits newcomers hardest

A stampede of new investors hoovered up bitcoin at lofty prices as crypto fever ran high after Donald Trump swept to victory in the November US presidential election.

Now, barely six weeks after Trump was inaugurated, bitcoin has sunk into a bear market, drained by a sell-off in global stocks. Just weeks after hitting a six-figure all-time high, the largest cryptocurrency is now trading at around $80,000, down nearly a quarter from its January peak.