Bitcoin Wavers, Smaller Tokens Sink as Frothy Crypto Rally Frays
(Bloomberg) — A bout of selling buffeted crypto as the optimism sparked by President-elect Donald Trump’s embrace of the sector begins to cool.
Most Read from Bloomberg
Bitcoin retreated below $95,000 at one point on Tuesday, while an index of smaller digital assets slid more than 10%, one of its biggest drops of the year.
Speculators plowed into crypto after the US election on Nov. 5, catalyzed by Trump’s pledge of supportive rules and controversial backing for a national Bitcoin reserve. At the same time, the hair-trigger volatility of digital assets leaves traders prone to exiting bets quickly once momentum turns.
Bitcoin hit a record $103,800 on Dec. 5 but subsequently struggled to stay above the six-figure level. The…
