Higher bond yields and dollar strength have “put material pressure on risk assets,” said Richard Galvin, co-founder of hedge fund DACM. At the same time, “Trump may make crypto-specific executive orders some of his first actions post-inauguration,” he said.
Bitcoin, which reached a record high of $108,316 last month, changed hands at about $94,800 as of 6 a.m. on Tuesday in London. The token’s advance since Election Day has moderated to roughly 40%.
Many in the crypto community remain optimistic about an enduring boom under Trump. Bitcoin accumulator MicroStrategy Inc. just reported its 10th consecutive weekly purchase of the cryptoasset, taking its stockpile to around $41 billion.
