Synopsis
Bitcoin has faced notable volatility, falling to an intraday low of $90,770 before bouncing back to $93,500 on Wednesday. Its market dominance decreased to 57.36% due to profit-taking and market turbulence sparked by Trump’s trade policy announcements. As of 12:19 p.m., Bitcoin was down 0.6% at $93,461 over the past 24 hours, while Ethereum, the second-largest cryptocurrency, gained 0.46% to $3,426.
Bitcoin has experienced significant volatility, dipping to an intraday low of $90,770 before recovering to $93,500 on Wednesday. Its market dominance dropped to 57.36% amid profit-taking and market turbulence fueled by Trump’s trade policy announcements. At 12:19 p.m., Bitcoin traded 0.6% lower at $93,461 over the last 24 hours, while Ethereum, the second-largest cryptocurrency, rose 0.46% to $3,426.
“The recent price drop has been attributed to the expiry of options and reduced term premiums from U.S. Treasury bonds, which somewhat decreased the appeal of using Bitcoin as a hedge against the traditional market,” said Shivam Thakral, CEO of BuyUcoin.
Despite challenges, institutional interest in Bitcoin remains strong. “With inflows into Bitcoin ETFs and MicroStrategy increasing its holdings, regulatory developments and institutional investments could support Bitcoin’s position and potentially lead to a rebound in market sentiment,” Thakral added.
Crypto Tracker
TOP COIN SETSNFT & Metaverse Tracker34.69% BuyWeb3 Tracker23.44% BuyAI Tracker9.82% BuySmart Contract Tracker8.80% BuyCrypto Blue Chip – 55.92% BuyTOP COINS (₹) Ethereum288,762 (1.77%)BuySolana19,730 (0.82%)BuyBitcoin7,878,693 (0.73%)BuyTether84 (0.25%)BuyBNB52,376 (-1.23%)BuyAccording to the CoinSwitch Markets Desk, Bitcoin’s price dropped to $90,800 after reaching a historic high of $99,500 just four days earlier on November 22. “This pullback isn’t driven by ETFs or institutional investors but by long-term holders selling 128,000 BTC,” CoinSwitch explained.
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View Details »The best-known cryptocurrency has surged 120% so far this year and about 34% this month, following the election of Donald Trump as US president and the rise of pro-crypto lawmakers in Congress. Trump supported digital assets during his campaign, vowing to make the United States the “crypto capital of the planet” and accumulate a national stockpile of Bitcoin.
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Meanwhile, other major cryptocurrencies also experienced declines, including Solana (-1%), BNB (-2.6%), XRP (-1%), Dogecoin (-5%), and Stellar (-3%).
The broader cryptocurrency market also saw a decline as the dollar index rose to 107, boosted by U.S. President-elect Donald Trump’s tariff announcements on imports from Canada, Mexico, and China. A stronger dollar typically dampens Bitcoin demand by tightening global liquidity and increasing costs for international buyers.
Despite the downturn, CoinSwitch highlighted signs of resilience. “The broader bullish structure for Bitcoin and altcoins remains intact, with dips being aggressively bought,” the firm noted.
The Greed and Fear Index, which recently hit an “extreme greed” level of 90+, has since cooled to 75, indicating a healthier reset in market sentiment, CoinSwitch added.
Also Read: Bitcoin options trade shows more bets on retreat after failing to breach $100,000
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
