Bitcoin dips to $90,800 amid profit-taking and dollar strength
Bitcoin has experienced significant volatility, dipping to an intraday low of $90,770 before recovering to $93,500 on Wednesday. Its market dominance dropped to 57.36% amid profit-taking and market turbulence fueled by Trump’s trade policy announcements. At 12:19 p.m., Bitcoin traded 0.6% lower at $93,461 over the last 24 hours, while Ethereum, the second-largest cryptocurrency, rose 0.46% to $3,426.
«The recent price drop has been attributed to the expiry of options and reduced term premiums from U.S. Treasury bonds, which somewhat decreased the appeal of using Bitcoin as a hedge against the traditional market,» said Shivam Thakral, CEO of BuyUcoin.
Despite challenges, institutional interest in Bitcoin remains strong. «With inflows into Bitcoin ETFs and MicroStrategy increasing its holdings, regulatory developments and institutional investments could support Bitcoin’s position and potentially lead to a rebound in market sentiment,» Thakral added.
According to the CoinSwitch Markets Desk, Bitcoin’s price dropped to $90,800 after reaching a historic high of $99,500 just four days earlier on November 22. «This pullback isn’t driven by ETFs or institutional investors but by long-term holders selling 128,000 BTC,» CoinSwitch
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