Bitcoin$BTC has shown the longest downtrend cycle since Donald Trump's victory in the US elections after an unsuccessful attempt to reach the $100,000 mark, which cooled the speculative fervor sparked by the president-elect's support for cryptocurrencies. This is reported by Yahoo.
The digital asset fell about 6% over three days leading up to Monday, after which it traded at $94,000 at 7:30 AM Tuesday in London. The cryptocurrency market, which has grown by $1 trillion since the election day on November 5, has also stalled.
"The difficulty in reaching $100,000 for the first time may convince traders that a ceiling has been reached and profits should be taken now," wrote Noelle Acheson, author of the newsletter Crypto Is Macro Now. However, according to her, this episode should be "transitory."
Cryptocurrencies also faced challenges after Trump stirred global markets with promises of additional tariffs on goods from China, as well as from neighboring countries of the US - Canada and Mexico. Stocks faced difficulties, and the dollar rose, indicating investor caution.
"People were looking for a reason to take profits," said Adrian Przelozny, CEO of the cryptocurrency exchange Independent Reserve.
