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- Bitcoin Drops to $96K as Profit-Taking and Global Risks Rattle Markets
- Crypto Sell-Off Deepens: Bitcoin Slumps, Altcoins Follow
- Bitcoin Pauses Trump Rally, Slides Below $100K Amid Geopolitical Woes
- Quantum Computing Raises Security Concerns, Bitcoin Falls Further
- Profit-Taking and Policy Uncertainty Push Bitcoin to $96K
Bitcoin’s price extended its decline on Tuesday, leading a broader crypto market sell-off as risk sentiment weakened amid heightened geopolitical tensions and lingering uncertainty around U.S. interest rate policies.
The world’s largest cryptocurrency fell 2.6%, trading at $96,870.6 by 00:38 ET (05:38 GMT), as investors locked in profits following last week’s brief rally above $100,000.
Geopolitical Tensions and Profit-Taking Pressure Bitcoin
Bitcoin’s pullback coincides with a surge in global uncertainty triggered by Middle Eastern unrest, notably after rebel forces ousted Syrian President Bashar al-Assad. This geopolitical volatility, coupled with Wall Street’s Monday losses, dented broader risk appetite.
Adding to the pressure, Bitcoin faced significant profit-taking following its all-time high of $103,000 last week. Traders across the crypto space appeared to be cashing in gains, weighing on broader market sentiment.
Crypto Markets Await Trump’s Next Move
Optimism around President-elect Donald Trump’s pro-crypto stance helped propel Bitcoin to recent highs. Trump has nominated crypto-friendly candidates, including Paul Atkins for SEC Chair, fueling speculation of more favorable regulations.
However, uncertainty looms over how much regulatory support Trump can realistically deliver once in office. While he has pledged to make the U.S. the “crypto capital,” analysts have largely dismissed the feasibility of establishing a Bitcoin Strategic Reserve.
With Trump set to take office in just over a month, traders are awaiting more concrete policy announcements. Meanwhile, Bitcoin has settled into a range between $90,000 and $100,000.
Google’s Quantum Leap Sparks Crypto Security Fears
Market sentiment was further rattled by Google’s breakthrough in quantum computing, which could potentially undermine crypto’s security protocols. A new-generation chip was announced that can solve complex problems at unprecedented speeds.
Quantum computing could pose a significant threat to the cryptographic algorithms securing Bitcoin and other tokens. According to Deloitte, approximately $40 billion worth of Bitcoin could be vulnerable to quantum attacks if current cryptographic measures are rendered obsolete.
Altcoins Tumble Alongside Bitcoin
- Altcoins mirrored Bitcoin’s losses on Tuesday, with major cryptocurrencies suffering steep declines.
- Ethereum (ETH): Fell 6.1%, trading at $3,702.02.
- XRP: Dropped nearly 13% to $2.1672. Despite recent gains tied to hopes of a resolution in Ripple’s SEC lawsuit,
- XRP suffered a sharp pullback.
- Solana, Cardano, Polygon: Declined between 7% and 16%.
- Dogecoin (DOGE): Slumped 10%, among the hardest-hit meme tokens.
