Bitcoin Tumbles 5% in First Correction After Trump’s Victory
The world’s largest cryptocurrency, Bitcoin, has experienced a significant price drop. This marks the first major correction since Donald Trump’s recent presidential election win in the United States. The digital asset plummeted from $99,000 to $92,000, moving further away from the long-anticipated $100,000 milestone.
As of 10:11 AM Brasilia time, Bitcoin was trading at $92,298, down 5.3% in the last 24 hours. Ethereum’s native currency, Ether, also saw a 4.4% decline, trading at $3,321. The total cryptocurrency market capitalization now stands at $3.3 trillion.
In Brazilian Reais, Bitcoin’s value decreased by 5.4% to R$537,761 ($94,344). Ether also fell by 4.2% to R$19,381 ($3,400). Other popular cryptocurrencies, known as altcoins, experienced similar downturns. Solana (SOL) dropped 8.7% to $228.07, while Binance Coin (BNB) declined 6.1% to $621.22.
The correction comes after weeks of strong gains. Beto Fernandes, an analyst at Foxbit, suggests this pullback was expected. He notes that almost all investors were showing profits, making a price correction likely.
Yesterday, Bitcoin spot ETFs traded on U.S. exchanges saw a net outflow of $435.3 million. This ended a five-day streak of capital inflows. The Bitwise BITB ETF led the outflows with $280.7 million, followed by Grayscale’s GBTC with $158.2 million.
Interestingly, Ether ETFs experienced a positive flow of $2.9 million. Bitwise’s ETHW and Fidelity’s FETH were the main contributors, with inflows of $8.7 million and $4.4 million respectively.
Bitcoin Tumbles 5% in First Correction After Trump’s Victory
The cryptocurrency derivatives market is also showing signs of caution. Bitcoin call options on the Deribit exchange are now trading at a lower valuation than put options. This suggests investors are seeking protection against potential further price drops.
Despite the sharp decline, some analysts remain optimistic. Fernando Pereira from Bitget believes there’s no cause for concern. He expects the price to return to the $99,000 region in the coming weeks as the market absorbs the current sell pressure.
This correction serves as a reminder of the volatile nature of cryptocurrencies. While the long-term trend may remain positive, short-term fluctuations can be significant. Investors should always consider their risk tolerance when participating in this market.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
-0.26%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 63,384 | -0.26% | -47.24% | 63,552 | 64,346 | 63,305 | 22,774,743,040 |
| ETH | 1,886 | +0.26% | -58.90% | 1,881 | 1,920 | 1,879 | 7,916,475,392 |
| SOL | 75.89 | -0.40% | -60.44% | 76.20 | 76.99 | 75.39 | 1,473,821,056 |
| XRP | 1.01 | -1.15% | -69.07% | 1.02 | 1.02 | 1.01 | 1,144,044,416 |
| BNB | 609.60 | -1.12% | -26.81% | 616.50 | 619.30 | 609.23 | 1,266,706,432 |
| ADA | 0.18 | -1.98% | -78.22% | 0.19 | 0.19 | 0.18 | 238,085,632 |
| DOGE | 0.07 | -1.56% | -70.00% | 0.07 | 0.07 | 0.07 | 553,256,192 |
| AVAX | 6.38 | +1.04% | -74.11% | 6.32 | 6.42 | 6.21 | 248,470,560 |
| LINK | 8.77 | -0.06% | -62.73% | 8.77 | 8.87 | 8.68 | 317,054,880 |
| DOT | 0.78 | -0.75% | -81.11% | 0.79 | 0.80 | 0.78 | 43,490,492 |
| LTC | 45.08 | -0.85% | -65.45% | 45.47 | 45.59 | 44.98 | 143,727,712 |
| BCH | 213.85 | +0.10% | -65.44% | 213.64 | 215.69 | 212.54 | 137,956,688 |
| TRX | 0.34 | +0.28% | -4.73% | 0.33 | 0.34 | 0.33 | 436,576,064 |
| XLM | 0.16 | -1.33% | -64.46% | 0.16 | 0.16 | 0.16 | 89,559,864 |
| HBAR | 0.07 | -0.53% | -74.67% | 0.07 | 0.07 | 0.07 | 22,546,186 |
| NEAR | 1.65 | +2.42% | -40.55% | 1.62 | 1.68 | 1.61 | 187,591,264 |
| ATOM | 1.40 | -2.36% | -70.15% | 1.44 | 1.44 | 1.40 | 18,626,964 |
| AAVE | 89.06 | +0.93% | -72.33% | 88.24 | 90.20 | 88.19 | 129,099,704 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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