Crypto market sheds $180 billion in a day as bitcoin slides further from $100,000 milestone

Crypto market sheds 0 billion in a day as bitcoin slides further from 0,000 milestone


Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. 

Dado Ruvic | Reuters

The price of Bitcoin price retreated further from the psychologically important $100,000 milestone, as investors booked profits from the token’s post-U.S. election gains.

The world’s largest cryptocurrency by market capitalization was trading down 6.2% at a price of $92,446.38 as of 5:55 a.m. ET, according to CoinGecko data.

Other tokens were also in the red. Ether, the second-biggest coin, fell 4.2% to $3,346.86 while Solana’s sol token dropped 8.9% to trade at a price of $231.88.

The entire crypto market capitalization — calculated by multiplying total coins in circulation by price — dropped $182 billion to $3.35 trillion.

Despite the drop on Tuesday, bitcoin has risen more than 30% since the U.S. presidential vote of Nov. 5, which resulted in the election of former White House leader Donald Trump.

The Republican politician has not yet been inaugurated. However, optimism around Trump’s pro-crypto policy platform in the leadup to the vote has reignited buzz for digital currencies.

Adding to optimism in crypto markets is the news that U.S. Securities and Exchange Commission Chair Gary Gensler, under whose leadership the agency took legal action against several major crypto firms, will resign on Jan. 20 —  the day of Trump’s inauguration. Trump had promised to replace Gensler at the agency’s leadership.



Source

This ‘quiet luxury’ Italian brand is shaking off tariff woes as sales jump
World

This ‘quiet luxury’ Italian brand is shaking off tariff woes as sales jump

Key Points Brunello Cucinelli posted an estimate-beating 10.7% rise in first half sales as the super-rich shrug off tariff concerns. The retailer also pointed to a solid start to July and confirmed its outlook for around 10% sales growth in 2025 and 2026. Analysts, however, expressed doubt over broad-based growth for the beleaguered sector. Soaring […]

Read More
Jamie Dimon has a blunt message for Europe: ‘You’re losing’
World

Jamie Dimon has a blunt message for Europe: ‘You’re losing’

Key Points Jamie Dimon told an event in Ireland on Thursday that Europe was “losing” on competitiveness and lacked the kind of global, successful corporations common in the U.S. The JPMorgan Chase boss also told an event in Ireland that there was “complacency in the markets” around U.S. tariffs and rates. Dimon said he saw […]

Read More
Norway’s Tesla obsession defies Europe’s Musk backlash
World

Norway’s Tesla obsession defies Europe’s Musk backlash

An electric car at a charging station in the Norwegian capital of Oslo on Sept. 25, 2024. Jonathan Nackstrand | Afp | Getty Images OSLO, Norway — Tesla continues to find solace in Norway, defying a sustained European slump amid a backlash over CEO Elon Musk’s incendiary political rhetoric. The U.S. electric vehicle maker recorded […]

Read More