Bitcoin Falls Back Below $93,000 Crypto Market’s Trump Rally Pulls Back

Bitcoin’s price fell back below $93,000 as the leading cryptocurrency reversed some recent gains following Donald Trump’s election victory.

After over $98,000 last week, Bitcoin was trading at around $92,000 on Tuesday morning. The cryptocurrency’s value has fallen more than 6% over the past 24 hours. The refund has temporary dashed hopes of Bitcoin hitting $100,000 this week.

And when Bitcoin sinks, other popular digital assets tend to follow suit. Over the past day, Ethereum – the second largest coin by market capitalization – fell 5% to $3,300. Solana fell more than 9% and Elon Musk’s favorite Dogecoin fell almost 12% in value.

The broader crypto market is down 6.25% in the past 24 hours to a market cap of $3.16 trillion. Bitcoin has driven much of that, with a market cap of around $1.8 trillion alone. This makes it the world’s eighth largest asset, pulls in front of silver with a market capitalization of USD 1.7 trillion. Bitcoin still lacks gold, which is valued at $17 trillion.

Bitcoin has been on a rally since Trump, who positioned himself as the “crypto candidate,” won a second term in the White House earlier this month. Bitcoin has risen nearly 35% in value since the election.

The ascent was accelerated by the debut of Bitcoin ETFs (Exchange Traded Funds) Options last week, which represented a defining moment in the cryptocurrency industry. These options bridge the gap between the decentralized world of digital assets and traditional finance by offering institutional investors a more familiar and regulated way to access Bitcoin. The ETFs are expected to drive further adoption and liquidity in the market.

Despite wider acceptance by more traditional investors, the crypto market remains volatile and can rise quickly – but retreat just as quickly. That may help explain why the digital asset has shied away from the long-awaited $100,000 milestone after coming so close last week.