Bitcoin, once buoyed by post-election enthusiasm, is now showing signs of losing momentum. Despite initially benefiting from political events, the cryptocurrency has not reached new highs in nearly a month, indicating a potential shift in investor sentiment. This waning confidence is mirrored across the cryptocurrency market, with Ethereum also experiencing a significant decline of over 6%. The broader market's underperformance, particularly in S&P 500 stocks, had initially driven investors towards alternative assets like Bitcoin, but the current volatility suggests a more cautious approach may be emerging.
As of 08:11 on January 13, Bitcoin is trading at $91,067.40, down from its last close of $94,489.80. This marks the lowest level since November 19, highlighting the recent pressure on the cryptocurrency. Despite this downturn, Bitcoin remains approximately 30% above its pre-election levels, reflecting its earlier gains amidst a volatile market environment.