Bitcoin has failed to continue its run past $100k, subsequently recording a three-day losing streak. The recent dip is the first major price correction the asset has seen since the November 5th elections, in which pro-crypto candidate Donald Trump was re-elected.
Bitcoin shed about 6% on Monday from $98,955 to $92,596, bringing the broader crypto market to a stall. The crypto industry has witnessed a 3.5% decline in the overall market cap in the last 24 hours.
The price correction comes after an impressive rally that saw Bitcoin hit an all-time high of $99,800 before retreating from the much-anticipated $100k breakout.
Bitcoin sheds 3.57% in the last 24 hours
According to crypto price data aggregator CoinMarketCap, Bitcoin currently trades at $94,552. The asset has shed 3.57% in the last 24 hours, bringing its seven-day gain to 3.33%.
President-elect Donald Trump shook the global markets on Tuesday after pledging tariffs on all imports from Mexico and Canada. He also hinted that he would impose additional tariffs on China. Cryptocurrencies and U.S. equities declined while the U.S. dollar surged as investors took caution.
IG Australia Market Analyst Tony Sycamore commented on Bitcoin’s recent price action, noting that it is not a reversal lower or anything sinister. He said the declining prices are a much-needed pullback to work off overbought readings.
Crypto newsletter author and podcaster Noelle Acheson wrote that Bitcoin is facing headwinds while trying to break out of the $100k level, which could signal to traders that the asset has topped and convince them to book profits.
According to Adrian Przelozny, CEO of crypto exchange Independent Reserve, crypto investors have been looking for a reason to cash out and book some profits. However, he emphasized that the general crypto outlook is still bullish and that the bull run will continue into 2025.
“People have been looking for an excuse to take some profits. We’re still very confident the current bullish market sentiment will continue into 2025.”
~ Adrian Przelozny
Trump’s inauguration inches closer as the industry awaits him to deliver his promises
The crypto markets await Donald Trump’s delivery of reshaping the crypto landscape with crypto-friendly litigation. He promised to make America the global hub of digital assets and develop a Bitcoin reserve.
Trump promised to fire the current U.S. SEC chair, Gary Gensler, on his first day in office as part of his plans to reshape the crypto environment. Gary Gensler announced he had resigned effective the day Trump takes over office.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
Gensler’s tenure began in 2021 when he was appointed by outgoing president Joe Biden. Under his leadership, the financial watchdog initiated a massive crackdown on the crypto industry, significantly impeding the ecosystem’s growth.
TD Cowen analyst Jaret Seiberg noted in research that the president-elect will take charge of the U.S. SEC after his inauguration on January 20th. The analyst also mentioned that his inauguration would be a positive sign for crypto following his promises to ease the regulatory crackdown and crypto enforcement.
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