Bitcoin retreats after 33% surge since Trump’s US election win
euronews.comBitcoin has been on a tear, surging more than 33% since Donald Trump won the US presidential election on 5 November. On Tuesday, the world’s largest digital token briefly topped $90,000 (€85,000), after breaking through the $80,000 mark over the weekend.
However, its price pulled back to below $87,000 (€82,000) during the Asian session on Wednesday, alongside selloffs across global equity markets.
Some analysts suggest that near-term profit-taking could limit the upside potential for risk assets. Wall Street experienced a broad-based selloff on Tuesday after repeatedly hitting new all-time highs, while major Asian stock market benchmarks also fell on Wednesday ahead of the US inflation data. The US Consumer Price Index (CPI) is expected to remain above the Federal Reserve’s target level in October, which could slow the pace of rate cuts and potentially trigger further corrections in the Trump-led rally.
Bitcoin is notorious for its extreme volatility, primarily driven by speculation rather than solid fundamentals. The cryptocurrency market's liquidity is limited, meaning that large trades by major holders, or “whales,” can significantly impact prices, especially on smaller exchanges or during periods of lower trading activity.
According to Binance data, crypto markets saw volume similar to Election Day on Tuesday when Bitcoin briefly topped $90,000 (€85,000), while the price moved within a narrow range, indicating the potential for a large liquidation. There are growing bets that Bitcoin will reach a six-figure price of $100,000 (€94,000) before the year’s end. However, markets do not always move in a single direction, and an unwinding of the Trump Trade could trigger further retreats in assets that have benefited from his
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