New York: Bitcoin posted its longest losing streak in the period since Trump’s US election victory, after a failed run at $100,000 cooled the speculative fervor sparked by the president-elect’s embrace of crypto. The four straight days of declines have lopped about 8% off the digital asset, which traded at $91,615 as of 6:42 a.m. Tuesday in New York. The wider crypto market gave up some of its $1 trillion advance since Election Day on Nov. 5.
The difficulty of trying to crack $100,000 for the first time “could convince traders that the top is in, and profits should be locked in now,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter. However, any such episode should be “fleeting,” she added.
Cryptocurrencies also faced a bout of risk aversion after Trump roiled markets by vowing additional tariffs on China as well as US neighbors Canada and Mexico. Stocks wavered and the dollar was firm in a sign of investor caution.
“People have been looking for an excuse to take some profits,” said Adrian Przelozny, CEO of crypto exchange Independent Reserve. Trump has pledged to make the US the global home for crypto by fostering supportive regulations as well as a national Bitcoin stockpile. Questions remain about how quickly he can make the changes and whether all are feasible.
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