Mumbai: After hovering near the $1,00,000 level, Bitcoin retreated from this level in the last twenty-four hours. The price slipped within $93,000.
Apart from profit-booking at higher levels, the selloff has been driven by the absence of any clear statements regarding the cryptocurrency following the election of US President-elect Donald Trump. Market cap fell to $3.32 trillion.
Behind Bitcoin, other cryptocurrencies like Ethereum, Solana, XRB, Dogecoin, etc. also saw selling pressure.
Bitcoin traded between a low of 92336 and a high of 98554 and was quoted at $92930 late in the evening. Crypto markets are expecting further interest rate cuts at the Federal Reserve meeting next month.
Bitcoin spot ETFs saw $500 million in outflows on Monday. The market expects volatility in Bitcoin in the short term, given that $9.40 billion worth of options expire on Friday.
Since Trump is in favor of crypto, players were expecting positive statements from him regarding cryptocurrencies.
