Bitcoin (BTC) price falls as post-election rally loses steam
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024.
Dado Ruvic | Reuters
The price of Bitcoin price retreated further from the psychologically important $100,000 milestone, as investors booked profits from the token’s post-U.S. election gains.
The world’s largest cryptocurrency by market capitalization was trading down 6.2% at a price of $92,446.38 as of 5:55 a.m. ET, according to CoinGecko data.
Other tokens were also in the red. Ether, the second-biggest coin, fell 4.2% to $3,346.86 while Solana’s sol token dropped 8.9% to trade at a price of $231.88.
The entire crypto market capitalization — calculated by multiplying total coins in circulation by price — dropped $182 billion to $3.35 trillion.
Despite the drop on Tuesday, bitcoin has risen more than 30% since the U.S. presidential vote of Nov. 5, which resulted in the election of former White House leader Donald Trump.
The Republican politician has not yet been inaugurated. However, optimism around Trump’s pro-crypto policy platform in the leadup to the vote has reignited buzz for digital currencies.
Adding to optimism in crypto markets is the news that U.S. Securities and Exchange Commission Chair Gary Gensler, under whose leadership the agency took legal action against several major crypto firms, will resign on Jan. 20 — the day of Trump’s inauguration. Trump had promised to replace Gensler at the agency’s leadership.