The cryptocurrency reached a record high of $89,906 on Tuesday but was trading 1.5% lower at $87,310 as of 10:28 AM IST.
“This marks the first downturn since Trump’s recent victory, which initially sparked market optimism. Despite this minor setback, analysts remain optimistic about Bitcoin’s future. The recent volatility is attributed to investor profit-taking, broader market dynamics, and economic uncertainties,” said Shivam Thakral, CEO of BuyUcoin.
Edul Patel, co-founder and CEO of Mudrex, said, “After a major rally, bitcoin is taking a breather, now trading at $87,300. Bitcoinโs next resistance stands at $90,300 while $85,600 acts as the key support point.”
Meanwhile, other cryptocurrencies also saw declines, including Ethereum (down 4.8%), Solana (down 6.1%), BNB (down 7%), Dogecoin (down 8%), Cardano (down 9.4%), Shiba Inu (down 15%), and Avalanche (down 9%).
However, in early Asian trading hours, Dogecoin rallied up to 11% after U.S. President-elect Donald Trump said on Tuesday Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead the newly created Department of Government Efficiency (DOGE).”Dogecoin is expected to see increased activity as Trump picks Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency,” said Edul Patel.Also Read: Dogecoin surges over 10% after Trump names Musk, Ramaswamy to lead newly formed Department of Government Efficiency (DOGE)
The acronym โDOGEโ is a nod to Musk’s favorite cryptocurrency, dogecoin. Trump said in a statement that Musk and Ramaswamy will work from outside the government to offer the White House โadvice and guidanceโ and will partner with the Office of Management and Budget to โdrive large-scale structural reform, and create an entrepreneurial approach to Government never seen before.โ He added that the move would shock government systems.
It’s not clear how the organization will operate. It could come under the Federal Advisory Committee Act, which dictates how external groups that advise the government must operate and be accountable to the public.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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