Crypto Market Slumps Amid Declining Post-Election Optimism

The cryptocurrency market faced a sharp downturn as optimism surrounding President-elect Donald Trump's pro-crypto stance faded. Bitcoin, the flagship cryptocurrency, fell below $US95,000 on Tuesday, while smaller digital assets experienced a collective 10% drop, marking one of the year’s steepest declines, according to CoinGecko data.

The surge in crypto activity following the US election on November 5 was driven by Trump’s promises of supportive policies and a proposed national Bitcoin reserve. However, the sector's notorious volatility triggered rapid sell-offs as momentum waned. Bitcoin, which hit an all-time high of $US103,800 on December 5, has struggled to sustain six-figure values, with the crypto market shedding $US250 billion in a single day. Charlie Morris of ByteTree Asset Management noted the psychological resistance at $US100,000, suggesting it may remain a critical threshold without renewed capital inflows.

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