Over the past 24 hours, Bitcoin has shown one of the sharpest declines in all of 2024 – it seems that the euphoria from the election of Donald Trump, who promised support for the cryptocurrency industry, as US President, is beginning to subside.
Image source: Traxer / unsplash.com
At some point in the last 24 hours, Bitcoin’s price was below $95,000, a drop of 5%. And the index of smaller digital assets fell 15%; The overall cryptocurrency market lost about $200 billion in one day. This is one of the most significant one-day falls in all of 2024.
Investors began actively investing in cryptocurrencies after the November 5 elections in the United States – they were inspired by Trump’s promise to support the industry and even form a national bitcoin fund. On December 5, the largest cryptocurrency rose in price to a record $103,800, but after that it barely remained in the six-digit zone, and with the next decline, investors began to quickly get rid of cryptocurrencies.
However, analysts assess the prospects for the cryptocurrency market as positive. Since Trump’s election, about $10 billion has been poured into bitcoin-linked spot exchange-traded funds, and MicroStrategy has invested another $2.1 billion in them, she said yesterday. In the meantime, following Bitcoin, other cryptocurrencies, including Ethereum and Dogecoin, are falling in price.