BITCOIN SLIDES AS INVESTORS CASH IN ON GAINS

Tue 26 November 2024:

Bitcoin’s post-US election rally hit a roadblock on Tuesday, slipping under pressure from a wave of profit-taking.

The world’s largest cryptocurrency dropped to $92,360 at 0830GMT before recovering above $93,000.

Market sentiment took a hit as President-elect Donald Trump reignited fears of a trade war, with fresh threats of additional tariffs on China and other countries.

Bitcoin has seen an impressive 40% surge since election day on Nov. 5 and hit a record-breaking $99,000 last week.

Ethereum, the world’s largest altcoin by market capitalization, was trading at $3,367 for a daily decline of 3.6%.

The value of the cryptocurrency market was around $3.22 trillion, dipping 5% for the day, according to CoinMarketCap, a digital asset price-tracking website.

“Bitcoin has been on a tear since Election Day … with very few pullbacks, but the $100,000 mark remains a formidable psychological barrier,” Mati Greenspan, founder of Quantum Economics, told CNBC by email. “While breaking through now would be a major bullish signal, a brief pullback may be needed to gather momentum before the next attempt.”

“Historically, when new all-time highs are reached there is typically a period of consolidation before further moves up,” Crypto infrastructure firm BitGo’s Brett Reeves told CNBC. “We know that new institutional money is coming into the space and retail activity is picking up, both via ETFs and exchanges. With positive macro and regulatory news ahead, we could see a quick pick up in price activity.”

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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