This illustration taken on November 25, 2024 shows the cryptocurrency Bitcoin.
Givenruvich | Reuters
Bitcoin prices retreated further from the psychologically important $100,000 milestone as investors profited from the coin’s post-U.S. election rally.
The world’s largest cryptocurrency by market capitalization was down 6.2% at $92,446.38 as of 5:55 a.m. ET, according to CoinGecko.
Other coins also posted losses. The second-largest token, ether, fell 4.2% to $3,346.86, while Solana’s sol token fell 8.9% to trade at $231.88.
The entire cryptocurrency market capitalization (calculated as the total number of tokens in circulation multiplied by price) fell by $182 billion to $3.35 trillion.
Despite Tuesday’s decline, Bitcoin has gained more than 30% since the Nov. 5 U.S. presidential election that resulted in the election of former White House leader Donald Trump.
The Republican politician has not yet taken office. However, optimism surrounding Trump’s pro-cryptocurrency policy platform ahead of the vote has reignited heated discussion about digital currencies.
News that U.S. Securities and Exchange Commission Chairman Gary Gensler will resign on January 20, the day Trump takes office, has made the cryptocurrency market even more optimistic. Agencies have taken legal action against several major cryptocurrency companies. Trump has promised to replace Gensler as the agency’s leader.
About The Author
