Bitcoin Loses All Gains Since Trump’s Election
The worldwide cryptocurrency market contracted by 8% over a single day, reaching a total value of $2.37 trillion, according to research firm Coinmarketcap.
At the same time, Bitcoin itself declined by roughly 8.5%, trading at $69,254.93 as of 1322 GMT.
Trump won the presidency on Nov. 5, 2024, and the pro-crypto leader’s victory had previously pushed Bitcoin from $68,000 to over $100,000 by Dec. 17, 2024. Thursday’s movements, therefore, wiped out all the gains Bitcoin had secured since his election, data indicated.
Meanwhile, Ethereum, the second-largest cryptocurrency globally, dropped 7.7%, reaching $2,050.9 as of 1324 GMT.
Analysts attributed the retreat in cryptocurrency markets to worries over interest rates, global economic uncertainties, the unwinding of leveraged positions, and profit-taking, which collectively prompted investors to move away from digital assets.
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